In January 1968, the Government also created a haulage division to cater for the haulage of both dry and wet cargo. This was also handed over to STC to manage as a bulk haulage division, to function alongside the passenger division.
It was later incorporated in June 1995 as a Limited Company under Ghana’s Companies Code in the name State Transport Company Limited.
In June 2000, the assets of the company were purchased and organized into a new company, Vanef STC by a consortium of business concerns known as the Vanef Consortium. This was after the STC was put on divestiture under the Ghana Government’s systematic program to make previously owned state institutions more viable by divesting them to worthy private investors.
The Vanef Consortium was a parent limited liability holding company that oversaw the operations of the two main business units: The Passenger Service Division (PSD) and VCL Haulage division. The Vanef Consortium and the Government of Ghana with the Vanef Consortium owning majority shares in all the units of Vanef Coaches Ltd. and wholly owning VCL Haulage Ltd. Vanef STC took over the running of business of the erstwhile State Transport Company (STC) on the 1st of June 2000.
In 2003, the name of the company was changed to Intercity STC Coaches Limited as a result of a reconstitution of the Board. This arrangement later led to the appointment of the new Managing Director and the eventual exit of Vanef Limited from the Consortium. The Board and Management comprise individuals of varied and rich backgrounds all bringing their strengths together to make Intercity STC a supremely successful corporate entity, dominating her chosen markets with superior products and services.
Presently, the company is owned by the Social Security & National Insurance Trust (SSNIT) (80%) and the Government of Ghana (20%).