The Ghana Bauxite Company Limited confirms that Ofori-Poku Company Limited acquired an 80 percent stake transparently and legally, addressing misinformation regarding valuations and operational practices. GBCL maintains its adherence to ethical practices and urges the public to dismiss misleading claims.
The Ghana Bauxite Company Limited (GBCL) has clarified that Ofori-Poku Company Limited (OPCL) acquired an 80 percent stake in the company through a transparent process that complied with regulatory and due diligence requirements. GBCL addressed recent misconstrued information regarding the acquisition, reaffirming its commitment to ethical business practices and transparency.
In a statement issued in Accra, GBCL noted that in 2010, when the Government of Ghana had a chance to purchase the majority stake in GBCL from Rio Tinto, it opted not to proceed, resulting in the shares being sold to BOSAI Minerals China. Furthermore, the government chose again in 2022 not to act on its right of first refusal, allowing OPCL to acquire the stake on identical terms offered to the government.
GBCL refuted claims regarding its valuation, emphasizing that the assertion that GBCL was valued at $12.5 million in 2022 and is now worth over $1 billion is misleading. Valuations naturally fluctuate due to various factors, including operational improvements and market conditions. OPCL has significantly invested in GBCL, enhancing operational efficiency and strengthening its market presence.
The company also denied allegations regarding unethical practices related to appointments and valuations, asserting that OPCL operates under a professional management structure. It clarified that the suggestion of insider trading arising from board membership at the time of acquisition is incorrect, as board membership does not imply insider trading, particularly in private enterprises.
In concluding its statement, GBCL emphasized that the acquisition was a legitimate business maneuver devoid of political influence, reinforcing its focus on operational excellence, investment, and stakeholder value creation. The company urged the public to dismiss misleading claims and have confidence in GBCL’s growth driven by sound management and strategic investments.
In conclusion, GBCL has reaffirmed that the acquisition by OPCL adheres to transparency and regulatory standards while clarifying misinformation regarding valuations and management practices. The company emphasizes its commitment to operational excellence and urges the public to trust in its strategic investments for sustainable growth.
Original Source: ghanaiantimes.com.gh
