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MIIF plans to list 49% of Agyapa Royalties on London Stock Exchange, GSE

Gold Barsa12121 Gold bars [File photo]

Wed, 11 May 2022 Source: www.ghanaweb.com

Government restructures Agyapa Royalties deal

MIIF receives Forbes Monaco recognition

Funds from intended listing to be invested in national infrastructure - Edward Koranteng


The Minerals Income Investment Fund (MIIF) has disclosed moves to list 49 percent of Agyapa Royalties on the London Stock Exchange and the Ghana Stock Exchange.

The intended listing on both exchanges is expected to raise between US$450 million and US$700 million from gold royalties.

In a statement sighted by GhanaWeb, Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng said funds from the intended listing will be invested into national infrastructure and socio-economic amenities.

He added that special focus will be placed on mining communities across the country.

“Agyapa, by being incorporated in the UK and listed on the London Stock Exchange, provides the opportunity to leverage on its balance sheet to raise cheaper funding and with [fewer] obstacles to further invest in other royalties companies and leading gold mining companies across the globe,” Edward Koranteng said.

“This is an opportunity for Ghana to take the lead and the world is watching,” he asserted.

Touching on the prospects for gold and equities of gold royalty companies in the current economic climate, the MIIF boss said, “I am confident that, in view of current geopolitics, current global economic recessionary trends and demand for gold and equities of gold royalty companies, Agyapa’s market value upon listing will surely shoot up.”

He further pointed out that the listing of Agyapa Royalties on the London Royalties will offer high levels of transparency and the required position for other listings across the globe.

“The listing on the Ghana Stock Exchange will give a greater number of Ghanaians the chance to participate in the ownership of our own mineral wealth. Whatever revenues are realised from the listing of Agyapa come directly to the Minerals Income Investment Fund,” he stated.

“We are ready to engage all stakeholders on how we move the Agyapa listing forward after responding to all issues raised by Parliament,” Edward Koranteng assured.

Meanwhile, the intended listing of the Agyapa Royalties on the London Stock Exchange is expected to take place in the fourth quarter of this year.

Forbes Monaco recognition

The Minerals Income Investment Fund has been named the Best Financial Institution in Ghana’s mining industry by French-based business publication, Forbes Monaco.

The recognition comes following MIIF’s strategic acquisition of over 14 million shares and circa 4.65% stake in Asante Gold Corporation, a Canadian and Frankfurt-listed gold-producing company that operates in Ghana.

The acquisition, which together with government’s carried interest and existing Ghanaian shareholders, would increase Ghanaian shareholding to more than 25%, is a first for Ghana in a multi-listed international gold mining company.

Source: www.ghanaweb.com
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