Sales report on AGC and others released by DIC

Receipts for the sale of Ashanti Goldfields Company (AGC), Ghana Commercial Bank (GCB), SSB Bank between 1994 and 1996, Ghana Telecom, National Investment Bank and Merchant Bank totaled 466.6 million dollars and 116.2 billion according to the Divestiture Implementation Committee (DIC).

Giving a breakdown of the transactions in a document released in Accra, the DIC said these transactions were undertaken outside of the Divestiture Secretariat. It said the international offer in AGC amounted to 292 million dollars while the first Ghanaian offer was 1.178 million dollars and 58.70 billion cedis. The dollar component for the fixed price offer stood at 213,000 dollars while Ghanaian receipts closed at 2.2 billion cedis.

The balance held to cover payments of the consultants who conducted the sales, paid back to the government was 355,000 dollars. The document said additional sale of the shares of AGC later in 1996 was 105 million dollars. GCB's initial price offer (IPO) of 33.28 per cent in 1996 yielded 27.025 billion cedis with the ESPPA complement of 7.66 per cent 5.77 billion cedis. The initial price offer (IPO) for SSB Bank ended at 12 billion cedis. This represents 21.1 per cent of the total sales while strategic investment receipts finished at a total of 21.5 million dollars. The Government's 5.3 per cent holdings in the bank were valued at 2.1 million dollars.

Receipts from the divestiture of government shares in Ghana Telecommunications Company was 38 million dollars, the document indicated that NIB's 25 per cent shares in Merchant Bank totalled 10.5 billion cedis, while government's 30 per cent shares in the same bank amounted to 6.28 million dollars.

The DIC said it had made transfers of 32.23 billion cedis, three million pounds and 11.1 million dollars.