GBCL affirms that OPLC’s acquisition of an 80% stake followed due diligence, countering misleading allegations about the valuation and ownership structure. The company emphasizes its commitment to ethical practices and operational excellence, encouraging the public to disregard misinformation regarding its activities.
The Ghana Bauxite Company Limited (GBCL) confirmed the transparency of Ofori-Poku Company Limited’s (OPCL) acquisition of an 80% stake, stating it complied with all regulatory and due diligence standards. GBCL noted misleading claims regarding the sale and reaffirmed its commitment to ethical business practices in response to public commentary.
A press statement from GBCL highlighted that in 2010, the Ghanaian government, a 20% shareholder, opted not to acquire the remaining 80% shares from Rio Tinto, which were subsequently sold to BOSAI Minerals China. The government chose not to exercise its right of first refusal in 2022, allowing OPCL to lawfully purchase the shares on equal terms as previously offered.
GBCL refuted claims regarding its valuation, asserting that the $12.5 million valuation from 2022 is unfounded. Valuations can vary with market conditions, operational improvements, and investments. OPCL’s significant contributions have notably improved GBCL’s efficiency and market standing, affecting its current worth.
The company dismissed the assertion linking OPCL’s CFO to the valuation process as false, emphasizing a professional management approach that relies on competence. Claims about OPCL’s ownership structure were also countered, confirming its legal standing in Ghanaian law and denying secret political affiliations.
Furthermore, GBCL clarified that the acquisition was motivated by commercial considerations without political interference. While acknowledging past board membership of OPCL’s owner, the company urged that this does not indicate insider trading, particularly within a private entity like GBCL.
GBCL remains committed to operational excellence and creating value for stakeholders while encouraging the public to ignore misleading information about its operations and growth resulting from strategic investments and management practices.
The acquisition of the Ghana Bauxite Company by Ofori-Poku Company was carried out transparently, adhering to all regulations and due diligence standards. Despite public misconceptions about the acquisition and company valuation, GBCL remains focused on ethical practices and operational excellence, emphasizing the effectiveness of investments and strategic planning in its growth.
Original Source: ghanaiantimes.com.gh
