Ghana Gas Company Limited is expected to acquire Ghana Cylinder Manufacturing Company (GCMC) Limited by the end of the first quarter of 2024.
The Managing Director of GCMC Limited, Genevieve Sackey, revealed the imminent acquisition at a Public Accounts Committee (PAC) sitting in Parliament on Tuesday, February 13, 2024.
According to her, the acquisition of her outfit by Ghana Gas Company is in the final stages.
“We are in the process of an acquisition. At the moment, we are in the final stages. The document is with the Ministry of Finance to be forwarded to the cabinet”.
“So we are hoping that by the end of the first quarter, it would be acquired by Ghana Gas,” she added.
GCMC Limited is one of the State Owned Enterprises (SOEs) that has been struggling to operate over the year.
The company incurred a loss of GH¢4 million in 2021.
Consequently, President Akufo-Addo in April 2023, approved the acquisition of the cylinder manufacturer by Ghana Gas Company.
The Auditor General’s report revealed that the current financial position of the Ghana Cylinder Manufacturing Company makes it incapable of meeting its short-term financial obligations.
On the other hand, Ghana Gas Company Limited is one of the most profitable SOEs.
The company made a profit of GH¢4.2 billion in 2022.
Source: Joy Business
