Terragen warns shareholders: ‘Halting power production to impact results’

Independent Power Producer Terragen Ltd has warned its shareholders that the suspension of its activities could have an impact on its results. It has stopped the production of electricity on grounds that the price of charcoal has hiked on the international market.

On 22 April 2022, the Central Electricity Board (CEB) had sought an interim injunction from the Court seeking to order Terragen Ltd to continue its operations despite the Force Majeure.

The interim injunction was not granted to CEB and all parties were called to file their respective affidavits. When the case was called before the Court on 6 May 2022, CEB withdrew its application.

Terragen hopes that an amicable solution be found soonest between the parties.

Meanwhile, it has urged it shareholders and the public to rely solely on its communiqués in making any investment decisions, and to exercise caution in dealing with its shares on the Stock Exchange.

Terragen Ltd is a subsidiary of Terra Mauricia Ltd.