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SHAREHOLDING
 

GESTOCI is a mixed Economy company of a particular type, established by the Decree No. 83-1009 of September14, 1983 and confirmed by the Extraordinary General Assembly held on December 11, 1984. The company is registered and organized under the law of d’Ivoire with taxpayer’s Account N°8800097E. GESTOCI is under the technical supervision of the Ministry of Mines and Energy and also under the financial supervision of the Ministry of Economy and Finance.
The company capital is 240 million F CFA, divided into 24,000 shares of 10,000 F CFA each, divided into two categories of shares to be denominated A and B shares


The “A shares”represent 12.5% of the capital, and are held by the National Company of Petroleum transactions in Cote d’Ivoire (PETROCI) and managed on behalf of the State of Côte d’Ivoire. On one hand these shares are transferable to only corporate body under public law or Ivorian participating companies with majority shareholding, in accordance to the Article 13 related to Incorporation rules. And on the other hand, the shares are transferrable through the only approval of the Board of Directors.

 

 

The “B shares” representing 87.5% of the capital have originally been subscribed by 7 companies distributing petroleum products on the Ivorian market: AGIP, BP, ESSO, MOBIL, SHELL, TEXACO, TOTAL, amounting to 12.5% of the capital for each of them. This preliminary categorization of the distribution of “B shares” will firstly be modified as a result of the acquisition of BP by Elf-CI, and secondly, the absorption of ESSO by TOTAL. Elf-Cl bought BP Company and was therefore conceded to the capital held by GESTOCI up to 12.5% as the shares held by the preceding, therefore the shares of Total increased from 12.5 % to 25%. GESTOCI is run by a Board of 11 members, including 5 Directors (A) and 6 Directors (B).

 

The Chairman of the Board (PCA) is appointed from the Executive Directors (A) by a joint order of responsible Ministry of GESTOCI. He does not have responsibilities as a Chairman meaning that he does not taking part in the daily management of the company. To this effect, he is assisted in this by a Managing Director appointed by the Board of Directors as suggested by the Shareholders (A). The appointment of the Managing Director should also be approved by the responsible Ministry of GESTOCI.

« A » SHARES

COMPANIES

SHARES

PETROCI

 

12,50 %

« B » SHARES

SHELL-CI

 

25 %

LIBYA OIL CI

 

12,50 %

CORLAY-CI

 

12,50 %

TOTAL CI

 

37,50 %


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