We will contunue to service our obligations--ESLA PLC assures bondholders
ESLA PLC has assured holders of its bonds that it will continue to service its obligations in accordance with the requirements of its bond programme.
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ESLA PLC, in 2017, set out to raise GH¢10 billion from the bond market to settle the country’s energy sector related debts.
So far, ESLA PLC, has issued bonds totalling GH¢8.37 billion.
In its 2022 finacial report, the company noted that the Government as part of its plan to improve its overall debt sustainability made an offer to the company's bondholders to accept government bonds in exchange for ESLA bonds.
After the exercise, GH¢3.65 billion worth of bonds were tendered in, leaving an outstanding balance of GH¢4.71 billion.
The company in the report said it would therefore continue to service its obligations to the remaining bold holders in accordance with the requirements of the bond programme.
ESLA PLC was set up as a special purpose vehicle to, among others, issue debt securities for the purpose of refinancing the Energy Sector Debt.
Pursuant to that, it has issued debtsecurities backed by receivables collected under the Energy Sector Levies Act, assigned to the Company by the Government of Ghana acting through the Ministry of Finance for the purpose ofservicing the debt securities and related expenses.
The company's funds are derived from taxes levied on the sale of petrol, diesel, marine gas oil, residual fuel oil, liquefied petroleum gas, kerosene, and electricity.
The audited financial results indicated that comprehensive income after tax grew from GH¢91.37 million in 2021 to GH¢109.22 million in 2022, with total equity also growing from GH¢160.52 million to GH¢269.74 million.
Total assets, however, declined from GH¢9.36 billion in 2021 to GH¢8.94 billion in 2022, with total liabilities also declining from GH¢9.20 billion to GH¢8.67 billion within the same period.
