Togolese energy group Zener International Holding (ZIH) has raised CFA13.5 billion (equivalent of $24,042,742.65) through EDC Investment Corporation (EIC), a subsidiary of Ecobank Transnational Incorporated (ETI), to acquire assets in Guinea-Bissau.
The funds will enable Zener to acquire the assets of Petrogal Guinea-Bissau, previously owned by Portugal’s Galp Energia, including a network of petrol stations, strategic fuel and gas depots, and aviation storage facilities across the country.
“Taking over Petrogal GB means establishing a long-term foothold in a high-potential market and promoting a vision of locally invested, forward-looking energy,” said Jonas Aklesso Daou, President of ZIH.
According to Ecobank, the transaction aligns with its ambition to support African-led economic growth. “By facilitating this takeover, we are affirming our commitment to supporting visionary African companies in key sectors,” said Paul-Harry Aithnard, Ecobank’s Regional Executive Director for the West and Central African Economic and Monetary Union (UEMOA).
Ecobank collaborated with other regional financial institutions to complete the operation. The West African Development Bank (BOAD) contributed CFA5 billion in June, highlighting the scale of pooled financing behind the deal.
This transaction reflects a growing trend: global energy majors are gradually reducing their footprint in Africa while regional firms like Zener expand.
Analysts see this as part of broader pan-African growth and integration.
Source: https://energynewsafrica.com
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