By Francis Ameyibor
Accra, April 30, GNA - The Ghana Oil Company Limited (GOIL), the nation’s foremost indigenous oil marketing company, has engaged its shareholders on strategic investment moves to maintain its head posture in the downstream oil sector.
The engagement, dubbed: “2016 GOIL Renounceable Rights Issues and Shareholders Forum,” provided a platform to keep investors up-to-date on GOIL’s share price performance, investor news and the company's financial communications.
It also served as a good corporate and investor relations practice as GOIL strives to keep its shareholders and the investment community up-to-date on the performance of the company.
Mr Patrick Kwame Akpe Akorli, the GOIL Managing Director, in an interview with the Ghana News Agency, said the GOIL Rights Issue offering was an opportunity to grant its shareholders a chance to buy new shares at a discount to the current trading price.
He said GOIL’s Rights Issue was simply an invitation to existing shareholders to purchase additional new shares in the company, which gave them securities called "rights" to purchase new shares at a discount on a stated future date.
Mr Akorli said as the foremost indigenous oil marketing company, GOIL needed to retool regularly to maintain its industrial hold, therefore, “it is strategic to offer our shareholders the benefit of increasing their exposure to the stock at a discount price”.
He said GOIL would continue to improve on investment, standards, safety and work in the interest of the Ghanaian adding; “investing in GOIL is investing in the country”.
Mr Akorli said GOIL had the largest retail network across the country. The company also had numerous consumer outlets including companies, schools, hospitals, factories, hotels, banks and major parastatals.
He said there were a number of other retail outlets established to market premix fuel and kerosene to rural areas while LP Gas filling plants had been installed at some of the filling and service stations.
Professor William Afiakwa Asomaning, the Chairman of the Board of Directors of GOIL, commended shareholders for their faithfulness to the company the pledged that the Board and Management would continue to inject prudent management practices.
He commended GOIL Management and staff for their resilience in a turbulent industrial sector.
The forum was attended by enthusiastic shareholders who quizzed the Board and Management on the Rights Issue, effective Shareholder/Management Communication and other related issues geared towards the growth of the company.
GOIL, by a shareholders resolution passed on August 1, 2007, adopted new regulations and was converted into a public company.
The Government of Ghana, in 1974, acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited.
By a special resolution in 1976 the name of the company was changed to Ghana Oil Company Limited.
Between 2010 and 2012 the Company underwent a transformation process aimed at changing its logo, station outlook, and the corporate culture which was dubbed “Good Energy comes with a Smile”.
Though its main business is marketing and distribution of petroleum products in Ghana, one of the tenets of the new GOIL is to move beyond the current frontiers to marketing and distribution of energy products in general.