FTN Cocoa Explains Failure To Convene AGM In 2yrs — Leadership Newspaper

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The board of FTN Cocoa Processors Plc, has explained reasons for its failure to convene an annual general meeting for two consecutive years to unfavourable business condition, which has led the company not able to declare dividends.

In a statement signed by the company secretary, Alpha Genasec Limited, on the Nigerian Stock Exchange (NSE) said that the non-availability of the required working capital to procure cocoa beans, its major raw materials for production has affected the business negatively.

It stated that various efforts being made to secure working capital both locally and international are yet to yield the desired result, adding that one of the company’s foreign partners (Transmar Commodity USA) unfortunately had financial problems and went into liquidation.

The company said that this was the major reason why FTN Cocoa virtually ceased operation for over two year.

It added that the company has piles of staff salaries, statutory payments, secretary and…



Source: Leadership Newspaper