MIIF Is Not Dishing Out Money to Electrochem, it is Legally Acquiring Shares
Sources within Electrochem Ghana Limited have it that there are lots of interests and appetite to own shares in the company.
The Minerals Income Investment Fund (MIIF) is not doling out free money to Electrochem Ghana Limited, operators of Ada Songhor Salt Project.
Rather MIIF is acquiring shares in the company that is in the process of floating shares to the public and that was after an extensive due diligence and work that took over a year to be completed.
It is instructive to note that MIIF’s acquisition of shares in Electrochem Ghana Limited is not the first of its kind as MIIF has acquired equity in some extractive companies with foreign ownership.
MIIF’s equity in Electrochem Ghana Limited is GHC300 Million and there is nothing illegal about the outfit going for shares in that private entity.
It is important to also note that Electrochem Ghana Limited has so far spent some $88 Million to revive the Ada Salt Project which was in comatose for over four decades.
With the public listing processes on, lots of entities are approaching Electrochem Ghana Limited to have share in the wholly owned Ghanaian company.
Sources within Electrochem Ghana Limited have it that there are lots of interests and appetite to own shares in the company.
According to the sources, Electrochem Ghana Limited will be fully listed on the Ghana Stock Exchange platform by March 2024.
Electrochem Ghana Limited has been able to bring life to the Ada communities through its Corporate Social Responsibility (CSR) agenda and has provided lots of social amenities which the communities were hitherto lacking.
