Press release
EMHOLDING, Gambia’s leading venture firm and investor, has also recently successfully completed and exited the ATLAS M&A, by transferring all its shares to the Addax Oryx Group, an international company and one of the leading players in the petroleum downstream industry.
In 2015, the major oil companies ELTON OIL and TOTAL were in dire financial distress and defaulting seriously on their loans to the banks.
EMHOLDING acquired TOTAL Gambia, one of the oldest companies in the country, and the successor to BP and ELF. At the time, the equity value of TOTAL was significantly very low, because of high debts in the local market, representing over 5% of total bank exposure, amounting to over 300 million dalasi (at the time almost 7 million US Dollars).
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