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GOIL commended for its strategic role in oil downstream sector

  • SOURCE: | Editor
  • goilGhana Oil Company limited [GOIL], has launched its Rights Issue to raise GHC155 million additional capital to strengthen the company’s balance sheets, and expand its infrastructure.

    GOIL is issuing approximately 139,639,640 shares at a price of GH¢1.24 per share for only existing shareholders and in a ratio of 0.5536 new shares for every one held by a qualifying shareholder. Belstar Capital Limited is the transaction advisor. Shareholders have from Tuesday to May 18, 2016 to buy more shares.

    GOIL hopes to use the proceeds to strengthen the company’s balance sheets, expand current retail outlets, acquire a bitumen plant as well as expand facilities at the Takoradi Harbour.

    Petroleum Minister, Armah Kofi Buah, who launched the Renounceable Rights Issue Tuesday commended GOIL for its strategic role in the Oil industry since the deregulation of the downstream sector.

    Mr Buah was particularly happy GOIL’s stock value had grown over 800 in the last few years after listing on the Ghana Stock Exchange.

    Finance Minister, Seth Tekper said government would continue to play its role in strengthening State-Owned Enterprises and hinted that it was possible to Issue Corporate Bonds to fund capital projects. He commended GOIL for sound management practices.

    The Director General of the Securities and Exchange Commission, Dr. Adu Anane Antwi, congratulated GOIL on the launch, adding that Right Issue is critical to the development of the capital market. He encouraged GOIL to always embrace good corporate governance practices.

    The Managing Director of GOIL, Mr. Patrick Akorli, appealed to shareholders to believe in the company, indicating GOIL has achieved positive results in spite of stiff competition.

    GOIL currently controls 20 percent of the downstream retail market and has expanded its retail sector to over 256 retail stations nationwide.

    He confirmed GOIL will use the money raised to continue several projects which will put the company on a positive footing.

    Source: http://tv3network.com/business/goil-commended-for-its-strategic-role-in-oil-downstream-sector

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