The Ghanaian shareholders in Power Distribution Service have allocated 15% of their shares to one Anthony Oteng Gyasi.
Little is said of who he is in the letter which communicated this development to the Millennium Development Authority.
Additional 15% of the Ghanaian shares in PDS was also assigned to TBK World Plus Limited and 10% to the Ghana Infrastructure Investment Fund.
“In addition to the Initial Ghanaian Shareholders the Ghanaian Entity will have three additional shareholders, as follows: Ghana Infrastructure Investment Fund, TBK World Plus Limited; and Anthony Oteng-Gyasi,” the letter signed by Directors of majority shareholders in PDS said.
The current 51% majority shares in the PDS is held by GTS Power Limited 10%, Santa Power Limited 13% while TG Energy Solutions Limited has 28%.
Should the proposed shareholding arrangement be ratified, the following will be the composition of Ghana shareholding arrangement in PDS.
TBK World Plus Limited will be entitled to 15%;
Anthony Oteng-Gyasi will be entitled to 15%;
Ghana Infrastructure Investment Fund will be entitled to 10%;
Santa Power Limited will be entitled to 5%;
TG Energy Solutions Limited will be entitled to 4%;
GTS Power Limited will be entitled to 2%.
The letter explains further that the decision is in “furtherance of the Government of Ghana’s policy regarding local content and participation in the ECG PSP Transaction.”
Please click here to read the full letter.
In a related development, the Minister for Finance and Economic Planning hinted of this development when in his letter addressed to Chairman of the Negotiation Committee of ECG-PSP, Mr. Akoto Ampaw, he wrote;
“Following the conclusion of ECG’s transfer of its power distribution business to PDS, it is of paramount importance to ensure the security of the PDS business and its ownership by Ghanaian shareholders.”
Ken Ofori Atta added that “in other to safeguard the Ghanaian ownership of PDS and to ensure that control of PDS is secured with Ghanaians in a unified manner, the Ministry requires that the Ghanaian Shareholding is consolidated and held by a single newly incorporated Ghanaian entity (SPV).”
On March 1, 2019, PDS took over some assets and operations of the ECG including electricity service distribution in all of ECG’s operational areas in Ghana.
The new arrangement was among other things expected to cut distribution losses to the barest minimum while delivering improved power services to Ghanaians.
This has now been suspended.
Announcing this on Joy News’ PM Express Tuesday, July 30, Information Minister, Kojo Oppong Nkrumah said the decision was reached after painstaking investigations.
A statement which followed from his office said in part “ the decision follows the detection of fundamental and material breaches of PDS obligations in the provision of payment securities (Demand Guarantees) for the transactions which has been discovered upon further due diligence.”
Read the full letter below