The Ghana Bauxite Company Limited confirmed that Ofori-Poku Company Limited’s acquisition of an 80 percent stake was conducted transparently and in accordance with regulatory standards. GBCL addressed misleading claims about valuation and potential unethical practices, asserting a commitment to transparency and operational excellence while dismissing allegations of insider trading and political financing.
The Ghana Bauxite Company Limited (GBCL) confirmed that the acquisition of an 80 percent stake by Ofori-Poku Company Limited (OPCL) adhered to all necessary regulations and due diligence processes. GBCL addressed recent claims regarding this transaction, stating that they contain inaccuracies and misleading statements, reiterating their dedication to transparency and ethical business conduct.
In a press release from their Corporate Affairs Department, GBCL clarified that the Government of Ghana, holding a 20 percent stake, previously declined the opportunity to buy the 80 percent shares from Rio Tinto in 2010, which led to the shares being sold to BOSAI Minerals China. Furthermore, the government opted not to exercise its right of first refusal in 2022, enabling OPCL to legally acquire the shares on the same terms.
GBCL contested the assertion that its valuation had dramatically risen from $12.5 million in 2022 to over $1 billion, stating that valuations fluctuate due to various factors including investment inflows and operational enhancements. Since OPCL’s takeover, substantial investments and strategic changes have improved efficiency and production, thereby positively influencing the company’s valuation.
Furthermore, the allegation linking an individual’s involvement in the valuation to their position as CFO at OPCL was dismissed. GBCL emphasized the professionalism in its management structure, where appointments are determined by competence instead of unethical practices. The company’s ownership structure is legally documented and publicly verifiable, countering any insinuations of political financing.
GBCL asserted that the acquisition was exclusively for commercial reasons without any political motivation or interference. While acknowledging that the owner of OPCL was a board member at the time of acquisition, they clarified that this fact should not be viewed as insider trading, particularly in a private company context. Transparency in financial and operational information was maintained for all shareholders, including the government.
The company remains committed to operational excellence and value creation for stakeholders, encouraging the public to ignore misleading comments and recognize the beneficial growth achieved through strategic investment and sound management practices.
In summary, the acquisition of the Ghana Bauxite Company by Ofori-Poku Company has been declared transparent and compliant with all required regulatory standards. GBCL firmly rejects the misleading information surrounding the valuation and ownership aspects related to this acquisition. The company remains focused on fostering growth through strategic management and investment, and it urges the public to remain confident in its practices.
Original Source: ghanaiantimes.com.gh
