51% PDS shares not diverted to Enterprise Group

Business News of Wednesday, 18 September 2019

Source: starrfm.com.gh

2019-09-18

PDS took over operations from the Electricity Company of Ghana in February 2019

The Enterprise Group has dismissed claims that 51 percent shares of the Power Distribution Services (PDS) have not been diverted to the company.

The claim was made by Energy expert, Kwame Jantua, who questioned how the 51 percent PDS stake given to Association of Ghana Industries (AGI) to collate Ghanaian businesses to buy was diverted Enterprise Group.

“I’m waiting to hear the 51 percent side of PDS. I’m waiting for somebody to come and tell me how did that 51 percent move from AGI, which the president Instructed should be taken to AGI for AGI to collate businesses to buy those shares, How did it move to Enterprise?

“I’m waiting for that and let’s see how the president would act when that happens,” he told Francis Abban on the Morning Starr last Friday.

PDS took over ECG on March 1 after its major shareholder Meralco Consortium from the Philippines won the Millennium Challenge Power Compact Two from the U.S.A.

But in a response, the Enterprise Group described the allegations made in the article as utterly false, baseless and lacking any truth or merit.

Below is the full response from Enterprise Group;

RE: PDS: 51% shares for AGI diverted to Enterprise Group? – Jantua

The Enterprise Group has taken notice of a news story on www.starrfm.com dated 16 September 2019 captioned PDS: 51% shares for AGI diverted to Enterprise Group? – Jantua, reported by Awal Mohammed. The article has been re-published on other online news portals citing www.starfm.com as the source of the news story.

The Enterprise Group would like to state that the allegations made in the article are utterly false, baseless and lacking any truth or merit. The Group takes this opportunity to assert the following:

1. It is a listed company with over 3,000 local and foreign shareholders.

2. It has not acquired and has no interest in acquiring any shares in PDS.

3. The business of PDS is not in line with the Group’s focus, which is to remain and grow in the financial services sector.

The Enterprise Group has always demonstrated the highest standards of corporate governance and ethical conduct in its dealings, and it will continue to do so. The Company remains accessible to the media and urges all to make use of its well-established channels to cross-check relevant information in the interest of responsible journalism.

Finally, the Group assures its clients, shareholders, staff and the nation at large that it remains committed to providing the best of insurance and other financial services to Ghanaians, and to fulfill its mission of providing all who come into contact with the Enterprise Group their desired ADVANTAGE.

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