Ghana: SABMiller’s Accra Brewery might relist on Ghana stock exchange to make profits again

Accra Brewery Limited (ABL) might relist on the Ghana stock exchange in a move to get back to making profits, GhanaWeb reported on September, 28.

Huge debts in the books of the company forced it to delist in August in 2010.

ABL’s parent company, SABMiller Africa is said to have pumped huge capital into the operations of the company to help it service its debts and embark on expansion projects.

The Managing Director of ABL, Gregory Metcalf believes that over a period of time, this will get the company making profits again and it will consider relisting on the Ghana stock exchange, Citi Business News report.

He explained that heavy losses within the company necessitated delisting off the stock exchange.

“It has been a very busy year for us. The delisting process was not an easy decision to make. But we had a need to clear our business of the historical debts that had accumulated over the years and unfortunately delisting was the only reasonable way to do this especially since the minorities were not too keen to sink in more funds.

“The result of the delisting is that it puts us in the position to bring money in to the business and we are in its finalizing process”.

Meanwhile, a research report conducted by renowned researcher on ABL’s Socio-Economic impact in Ghana has said that the company and its Voltaic operations has contributed about 117 million dollars which is equivalent to about 0.4 percent of GDP.

Mr. Metcalf said that he is pleased about the impact of the company’s operation and hopes the trend continues.

30 September, 2011