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17.01.2006 Business & Finance

GGL/GBL offer document was reviewed and approved - SEC


Accra, Jan. 17, GNA - The Securities and Exchange Commission (SEC) on Tuesday said that the GGL/GBL offer document was reviewed and approved within the parameters of the Securities Industry Laws and the Ghana Stock Exchange rules and regulations and the Commission did not have any legal reasons to reopen the matter now.

A statement issued by SEC referring to a complaint by Mr Joe Aboagye Debrah of Think Ghana, a nongovernmental organisation (NGO), on the takeover of Ghana Breweries Limited by Guinness Ghana Limited said after careful consideration of each of the complaints, the SEC found them to be a mere catalogue of unproven allegations. "No evidence, documentary or otherwise, has been provided to buttress any allegation so submitted by the complainant," the statement said.

The Commission said it found that there was no merit whatsoever in the allegation as they stood now. It added that if the complainant was still minded to pursue the complaint, he should submit cogent and credible evidence for a fuller investigation to be conducted. The complainant alleged that there was no legal basis for the merger between GGL and GBL, neither was there a proper valuation of the share price of GBL/GBL.

The complainant further alleged that the merger process did not comply with the GSE rules and regulations, nor was adequate disclosure made to the shareholders of GBL and GGL prior to the closure of the transaction.

He again alleged that the source of funding of the acquisition was irregular.

SEC assured Ghanaians and the investor community that it was always guided by its statutory mandate and mission to "promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected through proactive implementation of the Securities Laws". 17 Jan. 06