https://www.miningweekly.com

UAE fund makes unsolicited proposal for Asante Gold

21st April 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Ghana-focused Asante Gold said on Thursday that it had received an unsolicited, nonbinding and conditional expression of interest from Fujairah Holding, expressing an interest in acquiring the gold mining company.

Fujairah is a sovereign wealth fund in the United Arab Emirates (UAE) and currently 11.43% of the outstanding shares of Asante.

Asante, which operates the Bibiani and Chirano gold mines, in Ghana, said its board had determined that the offer was not in the best interest of the company or its shareholders.

The expression of interest is highly conditional and fails to address Asante’s near-term financing requirements, the company said, adding that it also required the miner to cease existing discussions and negotiations with all persons other than Fujairah in respect of any debt or equity financing of any kind.

“[This] was an unacceptable condition that would have required the company to cease various alternatives that it has been advancing to satisfy its near-term financing requirements,” said Asante.

The company noted that the expression of interest was also subject to the fulfilment of several other conditions, including the completion of satisfactory due diligence during a lengthy exclusivity period, negotiation of a definitive agreement, and receipt of all required regulatory and shareholder approvals.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.054 0.611s - 111pq - 2rq
Subscribe Now