The Managing Director of Engen Ghana Limited, Henry Akwaboah, has said his firm was not part of the deal announced on 18 September 2018, between Engen Holdings and Vivo Energy, relating to the transfer of Engen’s international operations in nine sub-Saharan countries to Vivo Energy.
The B&FT reported on Thursday, 20 September that Vivo Energy Plc., had announced that it has reached an agreement with Engen Holdings (Pty) Limited (EHL), to restructure the acquisition of Engen International Holdings Limited (EIHL) by Vivo Energy’s subsidiary, Vivo Energy Investments B.V.
The B&FT quoted a press release that said the restructured transaction is now unconditional, aside from customary closing conditions including material adverse change clauses.
“All required regulatory and competition authorities’ approvals have been received for the transfer of Engen’s international operations in nine sub-Saharan countries. The restructure allows for completion of the transaction, first announced on 4 December 2017, to proceed in respect of all countries other than the Democratic Republic of Congo. Completion has been scheduled for 1 March 2019,” the statement said.
But in a separate statement reacting to the B&FT story, Mr Akwaboah said: “Kindly be advised that Engen Ghana Limited is not part of the transaction announced on 18 September 2018, between Engen Holdings and Vivo Energy, relating to the transfer of Engen’s international operations in nine sub-Saharan countries to Vivo Energy. The recently-announced deal is exclusively confined to these 9 countries and will complete on 1 March 2019.
“As such, 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.”
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