Business News of 2014-06-01

Shareholders commend GOIL for prudent management

Shareholders of the Ghana Oil Company Limited (GOIL) on Thursday commended Board Members, Management and Staff for prudent management of the company.

The Shareholders overwhelmingly endorsed the company’s annual report and financial statement for 2013 presented at the 45th Annual General Meeting (AGM) of Shareholders in Accra.

Mr Joseph Abeka Binney, a shareholder, said “I salute the Board and Management for prudent operations, its Corporate Social Responsibility (CSR) in 2013”. GOIL in 2013 deepened its CSR by providing potable drinking water to deprived communities by way of mechanized boreholes.

Eight such facilities were provided for communities in Eastern Region, Volta Region and rural Greater Accra Region as well as several donations to health, educational, cultural and social institutions.

Mr Robert Tannor said service at GOIL Filling Stations across the country needed to be commended. Others also commended GOIL for stating the programme exactly on the advertised time of 100 hours to the surprise of many.

Professor William A. Asomaning, GOIL Board Chairman who presented the company’s annual report, praised stakeholders for constantly engaging the Company in discussions and providing vital feedback.

The company declared dividend per share of GH¢0.016 for 2013 fiscal year up from GH¢0.015 in 2012. In 2013 there was a GH¢20 million bonus issue of shares to shareholders thus increasing the number of outstanding shares from 210,186,240 to 252,223,488.

This resulted in an increase in dividend payable by 28 per cent. In other words, the total dividend to be paid would move from GH¢3,152,796 for 2012 to GH¢4,035,576 for 2013.

Source: GNA
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