The Ghana Bauxite Company Limited states that its acquisition by Ofori-Poku Company Limited was transparent and adhered to all regulatory requirements. It refutes misleading claims about the company’s valuation and denies the existence of unethical practices. GBCL emphasizes its dedication to operational excellence and urges the public to trust in its strategic growth mechanisms.
The Ghana Bauxite Company Limited (GBCL) has confirmed that the acquisition of an 80 percent stake in the company by Ofori-Poku Company Limited (OPCL) was conducted transparently, in compliance with regulatory stipulations and due diligence standards. GBCL has noted recent public discourse regarding the sale, which it claims contains several misleading statements and reassures the public of its commitment to ethical business practices.
In a press release from the Corporate Affairs Department, it was highlighted that in 2010, the Ghanaian Government, holding a 20 percent stake, declined the opportunity to purchase the 80 percent shares from Rio Tinto, leading to a sale to BOSAI Minerals China. In 2022, the government again opted not to exercise its right of first refusal, allowing OPCL to acquire the shares on the same terms offered to the government.
GBCL refuted claims regarding its valuation, stating that the assertion of a $12.5 million valuation in 2022 now rising to over $1 billion is incorrect. Company valuations fluctuate due to various factors, and since OPCL’s acquisition, there have been significant investments and strategic improvements, enhancing the company’s efficiency and market position.
Furthermore, the company dismissed allegations regarding unethical conduct linked to its financial evaluation, emphasizing their management structure is based on professional standards. Claims insinuating improper ownership structures or political affiliations associated with OPCL are also described as false and misleading.
The competitive acquisition process was characterized as a purely commercial transaction, free from any political interference. While it acknowledged OPCL’s owner was a board member of GBCL during the acquisition, it clarified that this fact should not be misconstrued as insider trading. The statement concluded with GBCL’s commitment to operational excellence, urging the public to disregard any misleading claims and recognize the merits of their strategic planning and investment.
The Ghana Bauxite Company Limited maintains that the acquisition by Ofori-Poku Company Limited was transparent and compliant with regulatory standards, while also refuting misleading public claims regarding the transaction. The company emphasizes its dedication to ethical practices, significant investments, and operational improvements that contribute to its current market valuation. Despite allegations of unethical behavior or political interference, GBCL insists on its commitment to sound management and strategic growth.
Original Source: ghanaiantimes.com.gh
