GRi Business 13-04-99

Atlantic Port Services reopens for business

Volumes soar but market index drops

Shortage of income tax receipts causing loss in revenue

Tema (Northern Region) 13 April 

Atlantic Port Services Limited (APS), a private stevedoring company established by the late Chief Hamilton Biney, on Monday re-opened the company for business at the Port of Tema after a five-week closure.

This follows the resolution of a misunderstanding among Chief Biney's children to whom the company was willed. The Bineys, who have equal shares in APS, have now appointed one of their number, Mr Peter Biney, as acting managing director of the company.

Mr Kwaku Dua Boateng, acting director-general of the GPHA, condemned the extent of the crisis and warned that "the GPHA will take drastic action against the APS if the misunderstandings re-occur".

The GPHA would ensure that "peace prevails in the port to enable all port operators to go about their activities without any fear".

In January this year, the workers of APS passed a vote of no confidence in Mr Peter Biney, executive director, and Mr Geoffrey Biney, regional director, for "anti-worker disposition and mismanagement which threatened their continued employment".

The two directors reacted by terminating the appointment of all the workers and asked them to re-apply.

This was, however, rejected by the Maritime and Dock Workers Union, which said the workers could not be victimised "over shareholders dispute".

The workers and the management resolved to begin operations on a clean sheet.

"There was a misunderstanding among the shareholders, and we have now reached a compromise to get APS back to work", Mr Peter Biney said.

Mr Kofi Asamoah, general secretary of the Maritime and Dock Workers Union, said the union was happy that all its 90 members were resuming work today. All of them received their pay while at home.

The Private Enterprise Foundation (PEF) has agreed to introduce "proper structures to end the regular interference in the day-to-day running of the company by the directors and shareholders, the major reasons for the conflict".

The late chief Biney willed APS to his 13 children. Two of them sold their shares. The rest got divided into two factions over who should run the company.

Accra (Greater Accra) 13 April 

The total volume of shares traded on the Ghana Stock Exchange (GSE) on Monday soared, but a drop in the share price of a major equity pushed the All-Share Index down by 1.98 points.

The market index opened the week lower at 824.50 points, down from the 826.49 points registered at the end of trading on Friday.

The market, however, is under bearish sentiments, as total shares offered on the floor ended at four million shares, while bids closed far lower - at 1.6 million.

Dealers said bids are on the rise, and this could be a signal that profit taking could be coming to an end.

Market capitalisation ended at 3,329.50 million cedis from 1,010.62 million issued shares, closing at 3.3 billion cedis on Friday.

In the broader market, two equities saw price changes - one up, one down.

Accra Brewery Limited (ABL) lost 100 cedis to finish trading at 650 cedis, while Unilever (UNIL) went up by 30 cedis to close at 1,750 cedis.

 The following are the last prices of listed equities:

ABL 650 -100

AGC 18,700

ALW 2,800

CFAO 56

EIC 2,010

FML 1,250

GBL 1,940

GCB 1,000

GGL 900

HFC 750

MGL 225

MLC 245

MOGL 16,000

PAF 348

PTC 400

PZ 850

SCB 24,000

SPPC 244

SSB 1,800

UNIL 1,750 +30

UTC-E 125

Accra (Greater Accra) 13 April

Government is losing huge sums of money because of shortage of daily income tax receipt books for vehicles, from Internal Revenue Service.

According to Mr Kofi Afful, Chairman of the Accra Akwapim branch of the Ghana Private Road and Transport Union, for about a week now, unions at Tema Station in Accra have been chasing the receipt books without success.

"we have not been paying income tax and without receipts it is difficult to collect tax on behalf of Internal Revenue Service (IRS)".

Mr Afful, therefore, urged IRS to provide them with receipt books as soon as possible.

Mr George Appiah-Sokye, Accountant of IRS, confirmed to the Ghana News Agency (GNA) that there was shortage of receipt books but said they have now taken delivery of some copies.