SSNIT begins scrutinizing new investors for STC

Majority shareholder of Intercity STC, Social Security & National Insurance Trust (SSNIT) has begun scrutinizing applications it has received from investors who have expressed interest in buying the ailing transport company.

SSNIT together with government have agreed to offload SSNIT’s shares in the company.

Government currently owns 20 percent of the transport firm while the remaining 80 per cent is owned by SSNIT. SSNIT which has been advertising for a new strategic partner says the search will end by the close of this year.

It unclear how much shares will be offloaded but SSNIT’s Corporate Affairs Manager, Eva Amergashie told Citi Business News, the amount to be offloaded will be determined later

“We are in consultation with government to decide on a strategic investor to come into STC but up to the percentage of shares that will be offloaded that will be determined later and it will depend on the applicants what they want we have to study it before we can decide on anything.”

SSNIT acquired the 80 per cent stake in STC in 2003 after Vanef Consortium, which had bought that stake could not raise funds to pay for them.

The move to offload the shares is part of efforts to revive the fortunes of the transport company.

Madam Amergashie told Citi Business News, both local and foreign investors will be considered.

“At this moment I cannot disclose the identity of the people who have expressed interest there is a criteria we are looking at so if you satisfy them …So we would not say it’s a local or foreign investor.”