The Tema Shipyard and Dry-dock (“the Shipyard”) was commenced in 1964 by the government of Ghana during the construction of the Tema Harbour as part of the overall infrastructure requirement for Ghana’s maritime industry. It was originally designed to be the largest dock between the Cape of Good Hope (South Africa) and the southern tip of Europe. It is located on a 48.45-acre plot of land, adjacent to the Port of Tema. It operated as part of the port authority until 1970, when the government of Ghana assigned the management of the Shipyard to the Tema Shipyard and Dry-dock Corporation, a statutory corporation created under Legislative Instrument (L.I) 676 as a state-owned enterprise. The Corporation operated the Shipyard until the mid-1990s, when, as part of the then government’s divestiture programme, the Corporation was converted into a company called Tema Shipyard and Dry-dock Company Ltd (TSDC). In 1996, the government divested sixty (60) percent of its interests in the company to a strategic partner, Penang Shipbuilding and Construction (“Penang”) of the Business Focus Group, and the name of the company was changed to PSC Tema Shipyard. Penang was subsequently acquired by Boustead Heavy Industries (“Boustead”), which took over the sixty (60) percent shareholding in the company.