PDS deal: Names behind 51% Ghanaian stake revealed

PDS deal: Names behind 51% Ghanaian stake revealed

- The Ghanaian local consortium holding the 51% of the shares in PDS have been named as follows

- TG Energy Solutions Limited (TG), a lead local consortium sponsor with 18%, Santa Baron Ventures Limited (Santa), a local technical lead with 13%, GTS Engineering Services Limited (GTS), a local financial lead with 10% and TBK Ghana Limited (TBK), a local financial sponsor also with 10%

- The remaining 49% shares are for two foreign companies, Manila Electric Company Limited (Meralco), a Filipino company with 30% shares and Aenergia, an Angolan company with 19% shares

The names of the of the Ghanaian local consortium holding 51% of the shares in the Power Distribution Services (PDS) Ghana Limited have been revealed.

The Graphic Online reports that they are TG Energy Solutions Limited (TG), Santa Baron Ventures Limited (Santa), GTS Engineering Services Limited (GTS) and TBK Ghana Limited (TBK).

The report claims TG Energy Solutions Limited (TG), a lead local consortium sponsor holds 18% shares, while Santa Baron Ventures Limited (Santa), a local technical lead also holds 13%.

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Meanwhile, GTS Engineering Services Limited (GTS), a local financial lead reportedly holds 10% shares and TBK Ghana Limited (TBK), a local financial sponsor holds 10 per cent as well.

It is reported that the remaining 49% shares are owned by two foreign companies, Manila Electric Company Limited (Meralco) and Aenergia.

Last Tuesday, July 30, the Government of Ghana announced that it has suspended the concession agreement with PDS.

A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the decision was taken after some fundamental and material breaches were detected on the part of PDS.

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Until now, PDS had been in charge of the distribution of the country’s electricity, having taken over from the ECG.

The government said it is conducting a full enquiry and the outcome of the investigation will determine the next course of action after suspending its agreement with the PDS.

Meanwhile, ECG has retaken over from PDS as the power distribution company in the country, as investigations continue into the matter.

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Source: Yen

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