INVESTPRO LIMITED V. MANDUMO INVESTMENT HOLDINGS (PTY) LIMITED, PROTEA COIN GROUP AND PROTEA COIN GROUP GHANA LIMITED
(2016) JELR 65863 (HC)
High Court
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SUIT NO. MISC 21/2013
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12 Feb 2016
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Ghana
Coram
SAMUEL K. A. ASIEDU
Appearances
MR. ELLIS ARTHUR FOR MR. KIZITO BEYUO FOR THE APPLICANT ,MR. JOSEPH K. KONADU FOR DANIEL A ASIEDU FOR THE 1ST AND 2ND RESPONDENTS
Judgement
<p>JUDGMENT</p><p>The 3<sup>rd</sup> respondent is an incorporated company in Ghana which offers security services to various companies and institutions in the country. In May 2013, the applicant, a limited liability company, which holds thirty percent (30%) of the shares of the 3<sup>rd</sup> respondent filed an originating motion for reliefs under section 218 of the Companies Act, 1963 Act 179.</p><p>The said motion sought reliefs against the 1<sup>st</sup> and the 2<sup>nd</sup> respondents herein who together hold seventy percent (70%) of the shares in the 3<sup>rd</sup> respondent company. In the course of the proceedings, the parties agreed that they could no longer work together and that the 3<sup>rd</sup> respondent should therefore be valued in order that one party buys out the shares of the other. The court therefore appointed KPMG to value the 3<sup>rd</sup> respondent. The valuation was accordingly done and a report, dated October 2015, was submitted to the court.</p><p>The applicant and the respondents have both expressed an interest to buy the shares of the other party.…</p>