GBCL Emphasizes Transparency in OPCL Acquisition Amid Misleading Claims
The Ghana Bauxite Company Limited has stated that its acquisition by Ofori-Poku Company Limited followed due diligence and regulatory compliance. The company emphasizes transparency and counters misleading claims regarding its valuation and governance. GBCL remains committed to operational excellence and value creation.
The Ghana Bauxite Company Limited (GBCL) asserts that the recent acquisition of its 80 percent stake by Ofori-Poku Company Limited (OPCL) was conducted with complete transparency and compliance with all regulatory standards. GBCL publicly addresses potentially deceptive remarks regarding the sale, emphasizing its commitment to ethical business practices.
Recent commentary surrounding this acquisition includes various inaccuracies which GBCL has openly acknowledged. Notably, the company recalls that Ghana’s government declined opportunities to purchase the stake from Rio Tinto in 2010 and BOSAI Minerals in 2022, which led to the lawful acquisition by OPCL.
GBCL refutes claims regarding its valuation, stating that the assertion of a 2022 value of $12.5 million growing to over $1 billion lacks foundation. Company valuations can vary significantly based on numerous factors including operational improvements and investments, all of which OPCL has contributed towards.
Regarding the insinuations of unethical behavior linked to the valuation process, GBCL clarifies that it operates under a professional management structure and key appointments are based on competence. The ownership of OPCL is fully transparent and documented under Ghanaian law, debunking any claims of political influence or hidden ownership.
It is emphasized that the acquisition was a straightforward commercial endeavor, devoid of any insider trading implications, despite the accurate association of OPCL’s owner with GBCL’s board. Standard corporate practices ensure that financial and operational data is accessible to all shareholders, including the Ghanaian government.
In conclusion, GBCL reiterates its commitment to operational excellence and stakeholder value creation. It encourages the public to dismiss misleading information while trusting in the growth and strategic progress facilitated by sound management and investment decisions.
In summary, the Ghana Bauxite Company Limited affirms that the acquisition by Ofori-Poku Company Limited was conducted transparently, adhering to all pertinent regulations. They counter misleading assertions about company valuation and governance, underscoring the legitimacy of OPCL’s ownership and the absence of political influence. GBCL remains dedicated to enhancing operational performance and creating value for its stakeholders, inviting the public to disregard deceptive commentary.
Original Source: ghanaiantimes.com.gh
