The Managing Director of PBC Limited, Seidu Yonye, is appealing to a consortium of banks to grant the company more time to secure internal approvals from shareholders, including the Ministry of Finance, to complete key corporate governance processes needed to unlock asset-based arrangements for debt repayment.
According to him, the inability to reach full shareholder consensus at the company’s last Annual General Meeting has significantly delayed decisions that could have strengthened the firm’s financial position and supported its obligations to creditors.
The appeal comes at a critical moment, as officials accompanied by security personnel moved to the company’s Dzorwulu head office in Accra on Thursday, April 30, to serve notices of auction as part of enforcement action linked to outstanding debts owed to the banking consortium.
But in an interview with Citi Business News, the Managing Director urged calm and patience, insisting that ongoing engagements could still help prevent the full auctioning of the company’s assets.
He argued that with additional time and coordination among stakeholders, particularly government as a key shareholder, the company could still activate internal processes aimed at stabilising operations and addressing its obligations to the creditor banks
“We are pleading that they should give us the time to go through the corporate governance practice structures so that whatever we do is within the means of law so that we don’t try solving a problem and end up creating another problem.”
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