Pomadze Poultry Sold For $2.4 million

Government has divested the Pomadze Poultry Enterprises Limited at the cost of $2.4 million. Deputy Agriculture Minister, Dr Enoch Antwi says the successful buyer is expected to pay up by the end of November 2002. Part of the sale proceeds would be used to clear liabilities such as salary arrears and debt incurred when the company ran into insolvency. Pomadze Poultry established in 1965 as a commercial producer of layer and broiler day old chicks for the local poultry farms was a vibrant entity until the late 1980s, when its performance declined and was closed down.

Pomadze was placed on divestiture in 1987 but potential buyers shied away from the company. Dr. Antwi told Parliament that the Food and Agriculture Ministry is identifying all the landed properties of Pomadze in order to determine whether or not they were acquired by Executive Instrument. This will enable the ministry to determine the payment of compensation to affected landowners. The name of the prospective buyer of the company is yet to be made known.