Intercity STC strategizes to clear longstanding debt by June

The management of Intercity STC is advancing steps to partner private investors to develop into capital projects, its dormant assets like lands across the country.

This is one of the major strategies the management is adopting to settle the company’s 15 million cedi debt. The Managing Director, Samuel Nuamah Donkor disclosed to Joy Business, they have already attracted some strategic partners – who are ready to settle the debts and put the company back on a sound footing.

He first outlined some of the specific dormant assets across the country to be developed to clear the debt.

“If you go to Cape Coast for example, we have lands near the Cape Coast University which we want to use to build hostel for the students and so with all the regions. We have some in Ashanti Region, Kumasi; we have a lot of assets we want to build hostels and hotels. When you go to Suyani, Tamale and all other areas we still have those lands we want to develop into capital projects to attract money from our investors to pay off our debts. If we take the Roman Ridge MD’s residence, we’ve a company that is interested in putting up an 18 floors of three-bedroom apartments to give us about 54 three-bedroom flats and we’re using our land as equity” he said.                        

According to him, the debt should be cleared latest by June once the approval process for their strategic plan is completed.        

 “By the close of this month, our strategic plan would be approved by the board and sent to the government through the ministry of transport and our shareholders. I’m sure that by the end of April the shareholders and the ministry might have worked on our proposals and once our strategy is adopted, then we bring in the strategic partners. And as I said, the strategic partners would be required to give some monies upfront to pay off our liabilities as soon as possible.

“So all things being equal, I’m sure within the next 2/3 months we should be able to get the approval process completed for our projects to start. They are definite plans – in fact the company that is going to pay off the Roman Ridge MD’s residence met with me two days ago, so they’re going write their contract for their approval of the board and they would release that money and start” he concluded.

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