Togo : State cedes its stakes in various firms to Togo Invest S.A

Economic governance
Thursday, 30 May 2019 17:40
Togo : State cedes its stakes in various firms to Togo Invest S.A

(Togo First) - The State has transfered to Togo Invest Corporation S.A its stakes in Complexe Pétrolier de Lomé S.A, Société Togolaise de Stockage de Lomé S.A and Togo Oil Company S.A. Related decree was adopted in a council of ministers held on May 29.

In detail, the State has ceded respectively 100%, 40% and 79.734% of the firms to Togo Invest. The move should “grant the latter more financial weight and credibility, in addition to boost the performances and profits of concerned oil companies,” reads the statement of the council of ministers.  

Besides, this decision happens to align with the State holding’s primary mission statements, knowingly: “acquisition of equity likely to generate revenues that could be reinvested in key projects, establish efficient funding mechanisms and partnerships, as well as create firms in the form of subsidiaries or joint-ventures.”    

Séna Akoda

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