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02.02.2010 Business & Finance

Two foreign companies express interest in GIHOC Distilleries

By GNA
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Two foreign companies express interest in GIHOC Distilleries

February 01, 2010
Accra, Feb. 1, GNA - Ms Hannah Tetteh, Minister of Trade and Industry, on Monday announced that two reputable companies from South Africa have expressed interest to buy a major stake in GIHOC Distilleries Company.

She therefore tasked the new Board of the company to look at other options available either to float shares on the stock exchange or bring in a direct strategic investor.

Ms Tetteh made the comment when she inaugurated of a five-member Board of GIHOC Distilleries Company in Accra.

The Board, which is chaired by Mr Kwame Asante, has as members Ms Heartwill Amekofia Quist, Mr Erick Bertin Houadjeto, Mr Ben Korley and Mr Frank Yao Badohu.

GIHOC Distilleries, which is a state-owned enterprise, started making profit in the last six years but has been without a Board for the past one year.

Ms Tetteh also charged the new Board to expedite action on the audit report on malfeasance of some officials of the company at the Kumasi and Koforidua offices.

She said company officials who had been interdicted as a result of an audit report should be thoroughly investigated and when found culpable they should be prosecuted.

She also announced that the company intended to invest about GH¢1.6 million to expand its operations and production in terms of capacity.

Ms Tetteh said though the company faced a number of challenges it was not a loss making venture and therefore asked the new Board members to bring their rich experiences to bear on the operations of the company.

The Minister also requested that copies of minutes of Board meetings should be sent to the Ministry to enable government to have full knowledge of the company's decisions in order to protect the interest of the people.

Ms Amekofia Quist, on behalf of the Board, thanked the minister for the confidence reposed in them and gave the assurance that they would bring their wealth of knowledge to bear on the company.

GNA

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