West Africa’s largest salt manufacturing agency, Elctrochem Ghana, has disclosed that the choice by the federal government to dissolve the board of the Securities and Change Fee has stalled its processes to checklist on the Ghana Inventory Change.
Briefing the administration of the Minerals Earnings and Funding Fund (MIIF), throughout a tour to the manufacturing web site in Ada, Nice Accra area, the Group Chief Govt of Electrochem Ghana Restricted, Kwaku Amprofi disclosed that the corporate is prepared and awaiting the composition of the brand new SEC board to finalise the method.
The 41,000 acres Ada Songhor salt mine developed by Electrochem is envisaged to provide to fulfill salt consumption demand for the African continent if given the wanted capital assist.
One of many circumstances for MIIF to put money into Electrochem, is for the corporate to checklist on the Ghana Inventory Change.
The corporate is in search of to boost US$25 million in further capital by issuing cumulative desire shares which can convert into fairness on the finish of the Preliminary Public Provide.
Interacting with the MIIF delegation after a tour of the mining web site, Mcdan’s Group Chief Govt Kwaku Ampromfi disclosed that the corporate is ready for the federal government to represent a brand new board for the SEC with the intention to resume the method.
“Our authentic plan to go public was scheduled for August 2024 however by June 2024, SEC board ended its time period and there was no board. So we couldn’t go forward with the itemizing course of.
“So we have determined to attend for the brand new board to be appointed and as soon as that’s carried out, we are going to proceed by means of the method. The prospectus is prepared so we’re good to go from our facet”, he added..
After touring the Electrochem enclave, Appearing Chief Govt of MIIF, Justina Nelson was impressed concerning the funding and emphasised the federal government’s dedication to make sure the itemizing and all the mandatory funding.
“This can be a viable mission for the nation and this tour is well timed as a result of MIIF has a stake in Electrochem so having assumed workplace, it’s simply correct that I take this tour. We need to intensify our royalty collections in not solely Electrochem however all of the mineral useful resource corporations we have now a stake in so we had a variety of behind the scene discussions to make sure that they [Electrochem] checklist on the Ghana Inventory Change to have the ability to generate dividend for the federal government and other people of Ghana” she disclosed.
MIIF’s complete funding in Electrochem quantities to GH¢363 million as of the top of 2024.
Electrochem is at present in want of about US$445 million to finish all engineering works, buy vessels and assemble a salt refinery to assist add worth to the salt earlier than export.
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