Engen Ghana not included in Vivo Energy takeover

Engen Ghana not included in Vivo Energy takeover
Source: Ghana | Myjoyonline.com | JTM
Date: 20-09-2018 Time: 05:09:15:pm

The transfer of oil marketing firm Engen Energy’s international operations in nine Sub Saharan countries to Vivo Energy excludes Engen Energy’s subsidiary in Ghana.

According to Engen Ghana Limited, it is not a party to the acquisition transaction which is expected to be completed in March 2019 as announced by Vivo Energy.

Earlier in the week, Vivo Energy plc announced that has reached an agreement with Engen Holdings (Pty) Limited to restructure the acquisition of Engen International Holdings (Mauritius) Limited by Vivo Energy’s subsidiary, Vivo Energy Investments B.V.

The restructured transaction will add operations in eight new countries and over 225 Engen-branded service stations to Vivo Energy’s network, taking its total presence to over 2,000 service stations, across 23 African markets.

Vivo Engen

Engen Holdings (Pty) Limited, however, retains its interest in its businesses in Ghana, South Africa, Mauritius, Botswana, Namibia, Swaziland and Lesotho.

Managing Director of Engen Ghana Limited, Henry Akwaboah, in a memo to the company’s dealers, suppliers and stakeholders assured Engen Energy’s commitment to continue to serve them as an independent in Ghana.

“…Engen Ghana Limited has no relationship with Vivo Energy Ghana and the two entities will continue to operate independently of each other in Ghana.

“Engen is committed to delivering outstanding service to its customers and striving to be the Number One oil company of choice,” the letter read in part.