The Ministry of Finance has confirmed the sale of nearly five million Anglogold Ashanti shares. It however says it still holds a 3 percent stake in the mining giant because the shares that were sold are not part of its original shareholding.
Bloomberg which reported the sale yesterday, indicates that Ghana's stake in the company has been reduced to 1.72 percent as a result of the sale.
A senior official at the Ministry however explains to Joy Business the transaction involved shares that were acquired in share swap deal proposed by Anglogold to avoid paying more royalties.
According to the official who prefers to remain anonymous for now, Anglogold gave out the 4.88 million shares early last year when government sought to review its stability agreement which would have seen a doubling of its royalty payment to 6 percent.
Some 215 million dollars grossed in the deal is expected to come through sometime next week. Joy Business has gathered government wants to use proceeds from the sale to take care of some unbudgeted expenditure it incurred last year.
Government is currently the fifth largest shareholder in Anglogold Ashanti.
Source: Joy News/Ghana
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Mid-air turnaround of OP122 flight was due to technical issue, not fuel shortage – PassionAir
2 minutes -
Support children battling cancer -Lifeline for Childhood Cancer appeals
25 minutes -
Mz Nana shines bright with triple nomination at 2025 Ghana Music Awards USA
42 minutes -
What do we lose if suspended CJ hearing is publicised? – Bomfeh questions closed proceedings
1 hour -
Fuel shortage forces Passion Air flight bound for Takoradi to return mid-air to Accra
2 hours -
Bawumia arranged sureties for Wontumi’s release – Hassan Tampuli claims
2 hours -
Wontumi’s bail varying application was instructed by his wife – Tampuli
2 hours -
Manner of Wontumi’s EOCO arrest needless and avoidable – Bomfeh
3 hours -
If the state failed to act yesterday, it is today – Dafeamekpor on Wontumi’s arrest
3 hours -
There seems to be conflict about who represents Wontumi – Dr Kojo Asante
3 hours -
Wontumi’s EOCO arrest and detention violates constitution – Hassan Tampuli
4 hours -
Weakening Dollar: An Opportunity for Developing Economies to Grow
4 hours -
Livestream: Newsfile discussing Wontumi’s detention, CJ removal case
5 hours -
One Million Coders’ Programme to train youth in AI, Cybersecurity – Omane Boamah to LSE Forum
5 hours -
Africa stands at a crossroads of possibility – Dr Omane Boamah tells LSE Forum
5 hours