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.
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.
Have your say
More Business Headlines
- Factory pollution: EPA shuts down one factory, one other still operating
- Nominees for GUBA Awards USA 2019 announced
- Ghana Post GPS, McDan Shipping, Others honoured at Ghana Shippers Awards 2019
- Free Zones Authority holds 2019 investment promotion in China
- New Dubai Chamber website provides key business insights
- IMF places Ghana on Post Program Monitoring as debt reaches over $1bn
- New face of the Bank of England's £50 note is revealed
- Zimbabwe’s inflation hits 175% in June
- U.S. proposes barring big tech firms from offering financial services, digital currencies
- GT Bank named best bank in Africa at Euromoney Awards
- AfCFTA to create investment hub – Ofori-Atta
- Triciabiz launches online business school for African entrepreneurs
- Guinness launches ‘Y3n Nyin Mbom’ promo to boost customers’ profitability
- PZ Cussons launches season 2 of Baby Moments Competition
- Former staff of Heritage Bank accuse Receiver of cheating them on exit package