TOR cuts negative equity to GH¢5bn, targets GSE listing by 2028 – Kombat
TOR has cut its negative equity to GH¢5 billion and wants to list on the GSE by 2028, Edmond Kombat says.
Kombat, the Managing Director of TOR, revealed during the 15th Ghana Economic Forum in Accra that the company has reduced its negative equity from GH¢7.5 billion to GH¢5 billion. The refinery, which had not been appraised since 2009, is undergoing a fresh valuation. Kombat aims for the refinery to achieve a clean balance sheet, restructured debt and positive equity ahead of its anticipated 2028 listing on the Ghana Stock Exchange.
The company requires three consecutive profitable years before listing. Private investors may contribute independent directors to the board, providing security and sustainability. Kombat emphasized that bulk distribution companies are partners rather than threats, as they buy and distribute TOR's products. For a refinery to survive in a deregulated market, it must prioritize efficiency, quality, and price.
Domestic refining offers benefits such as fuel availability, industrial support, power generation, job creation, and reduced exposure to import costs during disrupted shipping lanes.
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