|
Ghana says may sell part of Ashanti stake By Kwaku Sakyi-Addo ACCRA, May 24 (Reuters) - Ghana`s finance minister said the government may sell part of its stake in gold miner Ashanti Goldfields Co. Ltd. (NYSE:ASL - news) and other listed companies to reduce the West African country`s domestic debt. ADVERTISEMENT Yaw Osafo-Maafo said late on Wednesday the government had proposed to international donors to sell its shares in a number of firms, including companies listed on the local stock exchange. Asked whether that included Ashanti, one of Africa`s biggest gold miners, Osafo-Maafo said: ``We`ll look at each equity on its own merits.`` However, he ruled out selling the government`s entire 20 percent stake in the company, adding that Ashanti`s current share price was ``not very attractive.`` ``We`ll definitely not offload everything in Ashanti. If for nothing else, for sentimental reasons we`ll keep some of the shares,`` Osafo-Maafo told a news conference. Ashanti`s New York-listed shares, its most liquid stock, were trading up 10 cents at $2.68 by late afternoon. On the Ghana Stock Exchange, which does not trade on Thursdays, the shares closed at 18,500 cedis ($2.46) on Wednesday, matching a year-low set in March. The stock took a big tumble in October 1999, after a sudden spike in the gold price sank its hedge book and brought the company close to collapse. The U.S.-listed shares have recovered some ground since reaching lows in the $1.50 range last year but have not topped the $4 level since November 1999, when UK-based platinum producer Lonmin Plc (quote from Yahoo! UK & Ireland: LMI.L) withdrew a $7 per share offer for Ashanti. GOVERNMENT HAS VETO POWER ON MERGERS Analysts have long said a major drag on Ashanti`s stock was a ``golden share`` which allows the Ghanaian government to block any mergers at a time when the industry faces pressure to consolidate amid weak gold prices. The Lonmin deal collapsed because it was opposed by the government of former President Jerry Rawlings, who stepped down in January after opposition leader John Kufuor won a presidential election. Last month Ashanti said it was making progress in talks with Ghana`s new authorities about removing the golden share. It said Kufuor appeared much more committed to the private sector than the previous administration. Osafo-Maafo said the government expected to raise at least $50 million from divestitures this year. He said revenues would be used to cut the debt service burden, which currently accounts for 45 percent of annual government receipts. ... AngloGold, Gold Fields? |
|
| aus der Diskussion: | Wer übernimmt Ashanti? |
| Autor (Datum des Eintrages): | 1Meyer (02.06.01 19:00:16) |
| Beitrag: | 3 von 52 (ID:3652430) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |