TOR reduces negative equity from GH¢7.5bn to GH¢5bn – Kombat
The Tema Oil Refinery (TOR) says it has reduced its negative equity from GH¢7.5 billion to GH¢5 billion as part of efforts to restore its financial stability. Managing Director of TOR, Edmond Kombat, says the improvement forms part of a broader restructuring programme aimed at strengthening the refinery’s balance sheet and positioning it for long-term […]
The Tema Oil Refinery (TOR) has decreased its negative equity from GH¢7.5 billion to GH¢5 billion, according to Managing Director Edmond Kombat. This reduction is part of a larger restructuring program designed to bolster the refinery's financial stability and long-term viability. During the Ghana Economic Forum, Kombat explained that the refinery aims to transition from negative to positive equity by restructuring its debt and reassessing its assets.
He highlighted that the refinery's assets were last evaluated in 2009, prompting the management to enlist the services of valuers for a more recent appraisal. Kombat emphasized the importance of cleaning up the balance sheet, restructuring debt, and ultimately achieving a positive equity position before the refinery's planned listing on the Ghana Stock Exchange in 2028.
He added that the refinery targets at least three years of consistent profitability before the listing, which he believes will attract private-sector investment and enhance the refinery's corporate governance.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
