Rica Foods pays fine and leaves AMEX
The Costa Rican company has agreed for the Stock Exchange Commission to revoke its registration, resolving an accusation of financial fraud.
Friday, January 9, 2009
In the elNuevoHerald.com it is reported that "Rica Foods, a poultry processor and feed producer based in Miami, and its former executive director resolved the case of financial fraud presented by the Stock Exchange Commission (SEC). "..."This case arose four years ago when Rica Foods, umbrella company for Pipasa, As de Oros and other poultry companies, was own by Costa Rican businessman Calixto Chaves."
The entry of the U.S. firm has brought new investment by competitors.
The U.S. company and owner in Costa Rica of Cinta Azul has completed the purchase of Corporación Pipasa.
The Costa Rican company Pipasa, owned by Rica Foods, has signed a non-binding letter of intent to buy Industrias Avícolas Integradas S.A. (Indavinsa) of Nicaragua.
Increased competition and rising production costs are causing firms in the sector to revive their production processes with new plants, equipment and electrical systems.
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