There have been some speculations on the composition and credibility of the Ghanaian local consortium holding 51 per cent of the shares in the Power Distribution Services (PDS) Ghana Limited with some suggesting that a group of barbers at Osu in Accra are the ones behind it.
The government on Tuesday announced that it has through the Ministry of Finance and the Electricity Company of Ghana (ECG) Limited suspended the concession agreement with PDS with immediate effect.
The government explained that the decision followed the “detection of fundamental and material breaches of PDS’ obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which has been discovered upon further due diligence.”
There have been some suggestions that the government did not do due diligence on the shareholders and the demand guarantees they presented.
Graphic Online, therefore, set out to find out the names behind PDS and how they got the concession agreement.
Names behind PDS
Information available to Graphic Online indicates that the Ghanaian local consortium holding the 51 per cent of the shares in PDS are TG Energy Solutions Limited (TG), a lead local consortium sponsor with 18 per cent, Santa Baron Ventures Limited (Santa), a local technical lead with 13 per cent, GTS Engineering Services Limited (GTS), a local financial lead with 10 per cent and TBK Ghana Limited (TBK), a local financial sponsor also with 10 per cent.
The remaining 49 per cent shares are for two foreign companies, Manila Electric Company Limited (Meralco), a Filipino company with 30 per cent shares and Aenergia, an Angolan company with 19 per cent shares.
The two foreign companies are the Technical Lead for the Consortium and by extension PDS, Graphic Online understands.
Background
In 2017, after a protracted re-negotiations with the Millennium Challenge Corporation (MCC), the original arrangements to give 80 per cent of the assets of the Electricity Company of Ghana (ECG) to foreigners were changed to a 51 per cent ownership by Ghanaians and 49 per cent to foreigners.
This new arrangement required the original foreign bidders to find a local Ghanaian consortium who was to take up the 51 per cent of their shareholding to make their bid whole.
Graphic Online gathers that Manila Electric Company Limited (Meralco) who was one of the original foreign bidders to accept the new arrangements struck an accord with Mr. Philip Asare Kwame Ayesu, a strategist and a serial entrepreneur and chairman of TG Energy Solutions to put together a strong local Ghanaian team in order to create the Meralco Consortium that would present an unassailable bid to the Millennium Development Authority (MiDA).
Mr. Ayesu is said to have recognised this challenge as a once in a lifetime opportunity to showcase the Ghanaian entrepreneurial drive and enable him to leave a lasting legacy that would prove that Ghanaians can do it.
He reportedly took up the challenge to find the Ghanaian team with the right pedigree of complementary attributes that would provide the requisite technical and financial credentials for the bid.
This, Graphic Online understands led to the formation of the local Ghanaian consortium made up of TG Energy Solutions Limited (TG), a Lead Local Consortium Sponsor with 18 per cent, Santa Baron Ventures Limited (Santa), a Local Technical Lead with 13 per cent, GTS Engineering Services Limited (GTS), a Local Financial Lead 10 per cent and TBK Ghana Limited (TBK), a Local Financial Sponsor with 10 per cent.
The government on Tuesday announced that it has through the Ministry of Finance and the Electricity Company of Ghana (ECG) Limited suspended the concession agreement with PDS with immediate effect.
The government explained that the decision followed the “detection of fundamental and material breaches of PDS’ obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which has been discovered upon further due diligence.”
There have been some suggestions that the government did not do due diligence on the shareholders and the demand guarantees they presented.
Graphic Online, therefore, set out to find out the names behind PDS and how they got the concession agreement.
Names behind PDS
Information available to Graphic Online indicates that the Ghanaian local consortium holding the 51 per cent of the shares in PDS are TG Energy Solutions Limited (TG), a lead local consortium sponsor with 18 per cent, Santa Baron Ventures Limited (Santa), a local technical lead with 13 per cent, GTS Engineering Services Limited (GTS), a local financial lead with 10 per cent and TBK Ghana Limited (TBK), a local financial sponsor also with 10 per cent.
The remaining 49 per cent shares are for two foreign companies, Manila Electric Company Limited (Meralco), a Filipino company with 30 per cent shares and Aenergia, an Angolan company with 19 per cent shares.
The two foreign companies are the Technical Lead for the Consortium and by extension PDS, Graphic Online understands.
Background
In 2017, after a protracted re-negotiations with the Millennium Challenge Corporation (MCC), the original arrangements to give 80 per cent of the assets of the Electricity Company of Ghana (ECG) to foreigners were changed to a 51 per cent ownership by Ghanaians and 49 per cent to foreigners.
This new arrangement required the original foreign bidders to find a local Ghanaian consortium who was to take up the 51 per cent of their shareholding to make their bid whole.
Graphic Online gathers that Manila Electric Company Limited (Meralco) who was one of the original foreign bidders to accept the new arrangements struck an accord with Mr. Philip Asare Kwame Ayesu, a strategist and a serial entrepreneur and chairman of TG Energy Solutions to put together a strong local Ghanaian team in order to create the Meralco Consortium that would present an unassailable bid to the Millennium Development Authority (MiDA).
Mr. Ayesu is said to have recognised this challenge as a once in a lifetime opportunity to showcase the Ghanaian entrepreneurial drive and enable him to leave a lasting legacy that would prove that Ghanaians can do it.
He reportedly took up the challenge to find the Ghanaian team with the right pedigree of complementary attributes that would provide the requisite technical and financial credentials for the bid.
This, Graphic Online understands led to the formation of the local Ghanaian consortium made up of TG Energy Solutions Limited (TG), a Lead Local Consortium Sponsor with 18 per cent, Santa Baron Ventures Limited (Santa), a Local Technical Lead with 13 per cent, GTS Engineering Services Limited (GTS), a Local Financial Lead 10 per cent and TBK Ghana Limited (TBK), a Local Financial Sponsor with 10 per cent.