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Business & Finance | Jul 8, 2004

Kuapa Kokoo floats 100,000 shares to farmers

GNA

Kumasi, July 8, GNA - Kuapa Kokoo, a Licensed Cocoa Buying Company (LBC) has offered its farmers 100,000 shares as part of a deal to make them become owners of the company.

Nana Kwadwo Appiah-Kubi, the chairman, who announced this said a share is valued at 100,000 cedis.

Established about 11 years ago with start-up capital provided by Twin-London, a UK-based organisation, Kuapa's assets base is now valued at 20 billion cedis.

Nana Appiah-Kubi was addressing a three-day stakeholders meeting of the company at the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi on Thursday.

More than 100 delegates made up of farmers' representatives and foreign partners attended it.

The participants were brainstormed on ways of enhancing the performance and progress of the company.

Nana Appiah-Kubi told the meeting that it was time the base capital, held in trust for the farmers by the Kuapa Kokoo Farmers Union was transferred to them through shares.

The chairman noted that through its credit union, Kuapa had brought tremendous relief to many farmers, saying, "they are now able to access loans on moderate terms to expand their operations and meet pressing demands".

Mr Kwabena Ohemeng-Tinyase, Managing Director of the company, said from a modest beginning, it has now blossomed in the cocoa industry, providing a lot of support to farming communities.

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