The Government and Penang Group of Companies of Malaysia have officially signed the sales and purchase agreement for the full takeover of the PSC Tema Shipyard.
Signing the agreement on behalf of the government, the Minister of Transport, Alhaji Collins Dauda said the strategic significance of the Shipyard has never been in doubt; hence government’s decision to purchase-back the sixty percent shares it sold to the Malaysian company.
The takeover of the facility comes following agitations by workers about the mismanagement of the shipyard and the gross disregard for sound labour practices among other issues.
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