[ 2012-05-29 ]

TOR targets listing on Ghana Stock Exchange
State refinery, Tema Oil Refinery (TOR) is
considering listing on the Ghana Stock Exchange by
2014.

The move is part of management’s strategy to
privatize the firm and make it more profitable.

The plan must however be approved by government
which currently wholly owns the refinery.

Managing Director, Ato Ampia however tells Joy
Business there are still some issues that need to
be addressed, before they go public.

“The first thing to do is that TOR show the path
to progress that adds value and that would boost
investor confidence. After we have done these
little these, little but are so much valued, that
will boost the value of TOR’s shares at IPO and
make sure that government get as much as possible.
We want to do it but the timing is when TOR has
its image right, has its plan right and its
operations right.”

The refinery says it needs about 900 million
dollars to turn around its fortunes.

TOR will then join other state institutions like
Ghana Commercial Bank, Cocoa Processing Company
and Ghana Oil which have been privatized in
similar manner.

State power generator, Volta River Authority is
also looking at the option of listing on stock
market.

Source - Joy News

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