TOR targets listing on Ghana Stock Exchange
5/29/2012 8:31:05 AM -
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.