Government is awaiting advice from the Divestiture Implementation Committee, DIC on how to sell Intercity STC to a strategic investor.

The one time a leader in the coach transport business, STC is losing out as a result of stiff competition and lack of capital. Its properties at the head office risk been sold to offset some 7 million Ghana cedi debt owed Prudential Bank.

But Transport Minister, Alhaji Collins Dauda tells JOY-BUSINESS he optimistic selling STC to strategic investor could turn around its fortunes

“I can assure you several people have come to my office with proposals to take over and run the company as a result of their plans to back out of the business and so I have no doubt that we would be able to get investors to run the company” he said.

Alhaji Duada adds that government is currently engaging other institutions STC is indebted to address their concerns.

“Its about indebtedness and so we believe that if we are able to negotiate better we may get ourselves out of this situation. We are therefore working with the Chief of Staff to find a way out and we would in the mean time appeal to our creditors to exercise some restraint and government some decisions on how we want to go forward with these issues. I want to believe we will be able to work out something when we have an investor take over the company” he said.

JOY-BUSINESS has gathered that about 16 firms have applied to take over STC. Sources say the company is now worth about 51 million Ghana cedis.

Government currently has about 20 percent interest in STC.

SSNIT took the controlling interest in STC in 2002 after a two-year management contract by VANEF consortium was terminated.

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