HomeNewsBalaji Group to finalise purchasing of assets in Burkina Faso

Balaji Group to finalise purchasing of assets in Burkina Faso

On 18 December 2017, West African-focused Avocet Mining announced that it had entered into an agreement to sell all of its assets in Burkina Faso, including the Inata gold mine, together with certain receivables of the company’s group to the Balaji Group for a total consideration of US$5 million.

In addition Avocet Mining selling its assets to Ghana-based Balaji Group of companies for a total of $5 million – 2.5 million of which will be payable in cash at completion and the remaining 2.5 million paid by way of deferred payments.

As announced on 11 January 2018, completion of the sale was deferred to 25 January 2018, at the request of the Balaji Group pending its discussions with a creditor of Resolute.

Against this background, Balaji Group has requested a further deferral of completion of the sale by five days to 30 January 2018 to be able to finalise an agreement with this creditor.

The terms and conditions of the Share Purchase Agreement, as set out in the announcements of 18 December 2017 and 11 January 2018, have not been materially changed, other than to reflect the deferral of the Completion Date.

About Balaji Group

The Balajee Group was established during the year 1995 by industrialist & visionary late Shri. Pashupatinath Dokania with a view of becoming a flagship company in the field of infrastructure development activities.

Foundation of the company is built on the heritage of various landmark infrastructure projects consisting of construction of road as per NHAI & MORTH norms, construction of main runway, apron, taxiway, all internal roads, supply of aggregates, mass excavation, area grading, open and control blasting, PQC, CTB and DLC works.

BICPL possesses desired experience and knowledge enabling to meet most challenging and complex infrastructure project needs of today.

BICPL’s association with all major infrastructure and construction giants showcases the expertise, competence and excellence in the infrastructure activities.

Feature image credit: Wikimedia