Vivo Energy to sell 8% shares to Ghanaian entity

The CH Group Ghana Limited is to purchase eight per cent shares in Vivo Energy Ghana Limited, the two companies have announced.

A statement issued by Vivo Energy Ghana and copied to the Ghana News Agency in Accra, said the completion of the purchase is subject to the satisfaction of certain formalities that are typical for an acquisition of such nature.

It said the completion of the purchase would result in local Ghanaian shareholdings in Vivo Energy Ghana Limited increasing to just over 25 per cent, which fulfils the divestment requirements outlined in Vivo Energy Ghana Limited’s oil marketing company licence.

“The Shell brand has been present in Ghana for over 85 years and Vivo Energy Ghana Limited – the company that distributes and markets Shell-branded fuels and lubricants in Ghana – has 141 service stations and has ambitious plans to grow. The majority of these service stations offer Shell Card services and convenience retail stores,” it said.

The statement said Vivo Energy Ghana Limited is committed to being the leading participant in Ghana’s downstream energy market and to make a significant contribution to the continued growth of the Ghanaian economy.

It said in 2014 Vivo Energy invested heavily in Ghana, opening 24 new service stations across the country – more openings than in any of the other 14 countries across Africa where it has service stations.

“Vivo Energy Ghana Limited has been working closely with both the National Petroleum Authority and the Ministry of Energy and Petroleum in order to increase local ownership of the company,” it said.

The statement said, the company looks forward to its continued constructive and positive relationship with all stakeholders as it continued to grow and develop its business, providing employment opportunities for local Ghanaians and high quality Shell-branded fuels and lubricants for its customers in Ghana.

Source: GNA