ModernGhana logo
02.07.2004 Business & Finance

Guinness Takeover Of GBL Under Threat

Listen to article

....GBL MINORITY SHAREHOLDERS ANGRY, FILE SUIT Minority shareholders of Ghana Breweries Limited, producer of Star beer, Gulder and Amstel Malta, are angry and have protested the proposed takeover of their company by Guinness Ghana Limited, brewers of Guinness Stout and Malta Guinness beverages.

In a strongly worded press release, they have associated themselves with an action brought by Daniel Ofori, a fellow shareholders, seeking an interim injunction to prevent the deal from going through until they are “treated fairly, equitable and with respect”.

The minority shareholders have questioned the legal basis of the deal as flawed and contrary to the takeover rules of the Ghana Stock Exchange.

They further alleged lack of transparency and full disclosure contrary to Stock Exchange rules and international best practices.