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Investors express interest in STC transport

By Fred Sarpong

Over more than 17 investor companies have tendered in applications to take over the defunct Intercity State Transport Company (STC) from the government.
Business Week learnt that the investors, who have applied, were from Ghana and other African countries, Europe, Asia and America.
Sources at the Ministry of Transport told Business Week that some of these investors who have applied to take over STC intend to invest between GH¢70 million and GH¢100 million to revamp the company.
However, Divestiture Implementation Committee (DIC) is expected to give final directive to its employer, the government as to how it should offload STC to the successful investor.
The company (STC) was the leader in the coach transport businesses in the country, until stiff competition from VIP, M-Plaza, Metro Mass Transport and coach transport operators in the country.
The company failed to compete with other operators and this resulted in owing some institutions more than GH¢40 million. The company was owing Prudential Bank of about GH¢7 million. Other creditors include the Agriculture Development Bank, J A Plant Pool and its shareholder, SSNIT.
The Minister of Transport, Alhaji Collins Dauda has said that, government position to sell STC is to make sure the company comes back into operation.
“I can assure you several people have come to my office with proposals to take over and run the company as a result of their plans to back out of the business and so I have no doubt that we would be able to get investors to run the company” he said.

Alhaji Duada adds that government is currently engaging other institutions STC is indebted to address their concerns.

“It’s about indebtedness and so we believe that if we are able to negotiate better we may get ourselves out of this situation. We are therefore working with the Chief of Staff to find a way out and we would in the mean time appeal to our creditors to exercise some restraint and government some decisions on how we want to go forward with these issues. I want to believe we will be able to work out something when we have an investor take over the company” he said.

The Social Security and National Insurance Trust (SSNIT) took the controlling interest in STC in 2002 after a two-year management contract by VANEF consortium was terminated.


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