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September 27, 2009

 
 
 
 
 


Ministry Explains Restructuring of TOR
Andrews Zugah, Ghanadot

Accra, 25th September, Ghanadot - The Minister of Finance and Economic Planning Dr. Kwabena Duffour stated yesterday that the restructuring of the Tema Oil Refinery (TOR) was intended to recapitalise the refinery and eventually float it on the Ghana Stock Exchange (GSE).

This was among the scope of the mandate of the restructuring which was contained in news releasesd issued in reaction to publications in the media in connection with the Government's decision to restructure and recapitalise the TOR.

The release said the restructuring was based on a scope of mandate such as establishing and confirming the true state of TOR's current debt, arrangement and syndication of $300 million or Ghana cedis equivalent to refinance the existing debt and working capital requirements of TOR.

It said Ecobank Development Corporation and Ecobank Ghana Ltd had been granted the exclusive mandate to assist the Finance Ministry, the Ministry of Energy and TOR to undertake a Financial restructuring of the refinery.

It said that, other mandates include arranging of $300 million facility through the issuance of a medium-term bond to strengthen TOR's balance sheet, arrange additional funds to make up for any financing gaps identified and lead the restructuring and manage the eventual floating of TOR on the GSE.

Ghanadot

 

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