Transparency in Acquisition of Ghana Bauxite Company Limited by OPCL

Ghana Bauxite Company Limited (GBCL) asserts that the acquisition of an 80 percent stake by Ofori-Poku Company Limited (OPCL) was handled transparently and ethically, addressing misleading commentary regarding valuations and management appointments. GBCL emphasizes the acquisition followed all regulatory requirements, dismissing claims of insider trading and political influence.

The Ghana Bauxite Company Limited (GBCL) has stated that the acquisition of an 80 percent stake by Ofori-Poku Company Limited (OPCL) was conducted transparently, meeting all regulatory and due diligence standards. The company noted recent commentary addressing this acquisition contains inaccuracies, and it reaffirmed its dedication to transparency and ethical practices.

In a press statement from Accra, GBCL addressed the history of its ownership, recalling that in 2010, the Government of Ghana, as a 20 percent shareholder, chose not to buy the 80 percent of shares from Rio Tinto, which were later sold to BOSAI Minerals China. The government again declined to exercise its right of first refusal in 2022 when OPCL acquired the share from BOSAI on the same terms offered to the government.

The GBCL remarked that claims suggesting its valuation skyrocketed from $12.5 million in 2022 to over $1 billion are misleading. Valuations depend on numerous factors, including investment and operational efficiency. Since OPCL’s acquisition, significant investments and improvements have enhanced GBCL’s efficiency and output, positively impacting its valuation.

The assertion regarding a conflict of interest involving a valuation individual becoming OPCL’s CFO was denied. GBCL operates under a professional management structure, with appointments based on expertise, which counters any claims of unethical conduct. Furthermore, OPCL’s ownership structure is transparent and publicly verifiable under Ghanaian law, refuting any suggestions of secret ownership by a political financier.

The acquisition, described as a commercial transaction encouraged by business strategy and financial potential, faced no political interference. Although it was correct that OPCL’s owner served on GBCL’s board at the time of acquisition, such board membership does not constitute insider trading, particularly in a private entity.

GBCL emphasized that it is committed to operational excellence and creating value for all stakeholders. The company urged the public to disregard misleading claims and to have confidence in its strategic planning and effective management practices.

The acquisition of Ghana Bauxite Company Limited by Ofori-Poku Company Limited was conducted transparently and followed all necessary regulations. GBCL dismissed inaccuracies in public commentary regarding valuation and management practices, asserting that the processes were devoid of political influence or unethical behavior. The company remains focused on operational excellence and value creation, urging the public to trust in its strategic direction.

Original Source: ghanaiantimes.com.gh