By
Francis Ameyibor, GNA
Accra, April 4, GNA –
Mocoh Ghana Limited has acquired 100 per cent shares of Engen Ghana Limited to
inject in the Ghanaian Oil Marketing Company industry dynamism to help
customers find the right solutions to ever changing market conditions.
The transaction
agreement was signed between Engen Holdings (Pty) Limited and Mocoh Ghana
Limited on March 1, 2019 and made available to the Ghana News Agency in Accra
on Thursday.
According to the
agreement, Mocoh Ghana an affiliate of Reston Energy, a Ghanaian petroleum
company would hold 55 per cent and the Mocoh Group 45 per cent shares.
Mr Kwame Kessie, Mocoh
Ghana Managing Director, explained that the company has been active in Ghana
for the last four years as a strong supply and trading partner to the public
and private sector.
He said the agreement
took into consideration the government of Ghana’s vision to increase local
content in the petroleum sector, therefore Mocoh Ghana is an indigenous company
with the majority of the equity held by Ghanaians.
“Our ambition is to
build capacity and equip Ghanaians with the international skills required to
compete at all levels. We aim to run a first-class Oil Marketing Company, owned
and operated by Ghanaians, to provide value to our customers in every part of
the country,” Mr Kessie stated.
The Mocoh Group,
headquartered in Geneva Switzerland, has been operating in Africa for 21 years
and is actively involved in the trading, logistics and the distribution of
petroleum products across the continent.
Mr Michael Hacking,
Chief Executive Officer of the Mocoh Group, explained that; “we are very happy
to welcome to the Mocoh family, the 250 people working directly or indirectly
in the Engen Ghana offices and the service stations spread across Ghana.
“Our plans in Ghana
are to create more service stations, employ more Ghanaians, market the best
products, provide the best service to our customers and share the fruit of our
success with the local community”.
He said the
integration of a renowned downstream player such as Engen, which combines
trading expertise with distribution excellence, is in line with Mocoh Group’s
strategy to become a fully integrated player in Africa.
He said the
transaction reinforces the footprint of the Mocoh Group especially in Ghana but
also in Africa in general.
The Mocoh Group has
trading, supply and distribution activities in Nigeria, Senegal, Cameroon,
Togo, Benin, Burkina Faso, Mali, Democratic Republic of Congo, South Africa and
Madagascar, with an ambition to cover the continent.
The Mocoh Group
combines the agility of a local specialist with the rich and connectivity of a
global enterprise; “We understand the complexities of the markets we operate
in, including local practices, cultures, and supply and demand factors,” Mr
Hacking stated.
He said Mocoh is a
privately-owned company established in 1998; since inception, Africa has been
its focus and with an unrivalled expertise and a wide network of relationships
across the continent.
Mr Hacking said “We
have successfully navigated global financial crises and energy market
volatility, and we trade in some of the most complex markets in Africa.
“Today, Mocoh’s
operations have spread far beyond Africa to encompass a global business,
connecting markets in Africa, Europe, the Americas and Asia,” he said.
Meanwhile in an
interview with the Ghana News Agency on the change of ownership; Mr Henry
Akwaboah, Engen Ghana Managing Director, assured staffs and service station
operators of continuity in service.
He said in spite of
the change, the brand identity of Engen Ghana Limited would continue to be
displayed at all “our 22 Engen-branded service stations at least for the next
five years”.
Mr Akwaboah said our
service stations would continue to be active players along the following
business lines; wholesale/B2B, lubricants, Liquefied Petroleum Gas and
bunkering businesses.
He assured customers
that services would be improved; and urged customers to have confidence in the
brand.
GNA
