Business News of 2014-02-14

SSNIT to offload 80% stake in STC

SSNIT has concluded its valuation of the ailing state transport, Intercity STC.

It is seeking to offload its 80 percent shares in the company.

The trust says it has also engaged the services of a Transaction Advisor to analyze and advise management on the proposals received.

SSNIT in a statement explained that, the current re-organization of its investments portfolio will ensure the sustainability of the Fund to benefit contributors.

It has so far paid 25.58 million Cedis of STC’s debt and its total exposure is 41.63 million Cedis.

SSNIT currently hold 80 percent stake in STC while government controls the remaining 20 percent.