The acquisition of an 80 percent stake in Ghana Bauxite Company Limited by Ofori-Poku Company Limited was transparent and compliant with regulations, according to GBCL. The company rebutted misleading claims regarding its valuation and governance, affirming a commitment to ethical business practices and operational excellence.
The Ghana Bauxite Company Limited (GBCL) publicly affirmed that the recent acquisition of an 80 percent stake by Ofori-Poku Company Limited (OPCL) was conducted with full adherence to regulatory standards and due diligence. The statement addressed misleading comments regarding the transaction and reiterated GBCL’s dedication to transparency and ethical practices.
In the press release from Accra, GBCL noted that in 2010, the Government of Ghana could have purchased the 80 percent shares from Rio Tinto but declined, resulting in the sale to BOSAI Minerals China. Furthermore, in 2022, the government again opted not to exercise its right of first refusal, allowing OPCL to acquire the shares under the same terms.
GBCL refuted claims about its valuation, stating that allegations of a 2022 worth of $12.5 million ballooning to over $1 billion lacks factual basis. Valuations are subject to market dynamics and operational investments; since OPCL’s acquisition, substantial financial investments and strategic improvements have positively impacted the company’s valuation.
Moreover, the assertion regarding a conflict of interest due to an individual’s dual role as a former valuator and current CFO of OPCL was dismissed as false and misleading. GBCL operates under a professional management structure where key appointments are based on expertise rather than unethical tendencies.
The company clarified that OPCL is a legally registered entity with a transparent ownership framework, refuting allegations of hidden political affiliations. The acquisition was purely driven by commercial interests without any political interference.
GBCL emphasized that while OPCL’s owner was a board member prior to acquisition, this does not imply insider trading. Access to financial information is standard practice for shareholders, including government representatives on the board. GBCL remains committed to enhancing operational excellence and creating value for stakeholders, calling on the public to ignore deceptive narratives regarding the acquisition.
The acquisition of GBCL by OPCL was completed transparently, in accordance with regulatory requirements, and driven by sound commercial strategies. The company firmly addressed and refuted various misleading claims surrounding the transaction, emphasizing operational improvements and ethical governance. GBCL’s management stresses the focus on stakeholder value and strategic growth, urging the public to trust in their business practices.
Original Source: ghanaiantimes.com.gh
