Mpanga Growers Tea Factory to hold AGM
FORT PORTAL-The Annual General Meeting [AGM] of the shareholders of Mpanga Growers Tea Factory Limited for the year ended December 31, 2021, is to be held on December 8, 2022, according to the company secretaries.
According to Benard Musinguzi who has published a notice, AGM will be held at the company’s head office in Fort Portal City.
Stakeholders at the meeting will receive and consider the directors and auditor’s report and the audited financial statements for the year ended December 31, 2021.
They will also appoint auditors for the next financial year ending December 3, 2022, and to authorise directors to fix their remuneration.
Mpanga Growers Tea Factory is a public limited company owned by smallholder tea growers, producing high quality tea for local and export markets.
It is one of the tea factories formerly under Uganda Tea Growers Corporation [U T G C], established by an Act of parliament on February 17, 1966.
After privatisation by Ugandan government with the assistance of the European Union, smallholder tea farmers were encouraged to buy shares in order to have ownership of the factory and to increase the share capital of the company.
The objectives of privatising the company was to empower smallholder tea farmers to increase their production, improve household income, and to become self-sustaining.
By the year 2000, all the 100,000 share capital had been paid up by the shareholders; hence becoming the legitimate owners of Mpanga Growers Tea Factory. Currently, the company has a membership of 461 shareholders.
The factor processes green leaf into high quality made tea for primarily the export market and to a small extent the local Uganda market. The company has four estates where it grows the green leaf. These are Kasunga, Kibaale, Kyapa and Demo.
The farmers who own the company also grow green leaf which they supply to the factory as out-growers. The total acreage of tea for both the out-growers and factory-owned estates is 1,274 hectares. 200 hectares of the total acreage belongs to the factory estates and the rest is owned by out-growers.
Ownership or Membership
The total registered share capital is Shs 1 billion divided into 200,000 shares of Shs 5,000 per share. To become a member, one should be a bonafide land owner producing green leaf in the area where the company operates.
https://thecooperator.news/naro-official-advises-kabarole-tea-farmers-on-value-addition/
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