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The Ghana Bauxite Company Limited (GBCL) says the acquisition of 80 per cent stake in the Company by Ofori-Poku Company Limited (OPCL) was carried out transparently, adhering to all regulatory requirements and due diligence standards.
According to the GBCL, it has taken note of recent commentary regarding the sale of the company to OPCL, which contains misleading and inaccurate assertions, and assure the public of their commitment to transparency and ethical business practices.
A press statement issued by the Corporate Affairs Department yesterday in Accra, stated that in 2010, the Government of Ghana, as 20 per cent shareholder, had the opportunity to acquire the 80 per cent shares in GBCL from Rio Tinto but declined, leading to the sale of shares to BOSAI Minerals China.
It said the government in 2022 once again chose not to exercise its right of first refusal which the OPCL lawfully acquired the 80 per cent stake from BOSAI Minerals on the same terms as offered to government.
“The claim that GBCL was valued at $12.5 million in 2022 and is now worth over $1 billion is misleading and lacks factual basis. Company valuations fluctuate based on investment, operational improvements, and market conditions. Since acquiring GBCL, OPCL has made significant financial investment and strategic interventions that have enhanced efficiency, increased output, and strengthened the company’s market position. These improvements have naturally had an impact on the current valuation.
The assertion that an individual who was involved in the valuation later became the CFO of OPCL is false. GBC, under OPCL’s leadership, operates with a professional management structure, and all key appointments are made based on competence and industry experience. Any attempt to suggest unethical behaviour is unfounded and misleading” the statement disclosed.
It added that the OPCL was a legally registered company with a clear and well-documented ownership structure that is publicly verifiable under Ghanaian law, and that any suggestion that it was secretly owned by a financier of a political party was false, misleading and intended to create unnecessary suspicion in the minds of the public.
“The acquisition was purely a commercial transaction, driven by business strategy, financial viability and investment potential. The process adhered to all regulatory requirements and there was no political influence or interference at any stage.
The claim that OPCL’s owner was a board member of GBCL at the time of acquisition is factually correct but the suggestion of insider trading is entirely misleading. Board membership does not equate to insider trading, particularly in a private company like GBCL,” the statement added.
The statement further indicated that it was standard corporate practice for shareholders including the government of Ghana, which was also represented on the board to have access to relevant financial and operational information.
“GBCL remains focused on operational excellence, investment, and value creation for all stakeholders. We urge the public to disregard misleading claims and trust that GBC’s growth is a result of strategic planning, investment, and sound management. ” it concluded.
