Canadian multinational Rektron Group Incorporated says it has formally submitted proof of funding covering its $150 million offer for a 60% stake in AT Ghana to the government’s appointed transaction advisor, KPMG.
The company confirmed in a notice to Techfocus24 that the submission completes the documentation required under KPMG’s due diligence process. Rektron had previously indicated that all documents had been provided except proof of funds, which it has now delivered.
Rektron’s co-founder, Sanjeev Tolia, expressed concern over the government’s parallel engagement with Telecel Ghana, noting that the announcement of the AT–Telecel arrangement came just as Rektron was finalising its submissions.
“The timing of the announcement smacks of a possible sabotage of Rektron’s interest in AT Ghana. KPMG’s process was thorough, and we are confident nothing untoward was found against us,” Mr Tolia said.
Despite this, Rektron maintains confidence in its bid and has written to Minister of Communications, Digital Technology and Innovations, Sam George, as well as Chief of Staff Julius Debrah, reaffirming its commitment to “rescuing AT Ghana from collapse.”
AT Ghana, wholly owned by the Government of Ghana, is saddled with liabilities estimated between $180 million and $200 million, with officials projecting the company will require about $600 million in capital injection to achieve full recovery.
While critics say Rektron’s $150 million offer cannot even clear existing debts, Mr Tolia insists the figure is sufficient for a phased turnaround strategy.
“The $600 million figure being circulated is not required upfront. Such an amount, if ever necessary, would only be deployed over 3–4 years as the business scales and network upgrades are sequenced,” he explained.
Mr Tolia emphasised that Rektron, though an infrastructure group, is managed by ex–Wall Street bankers with deep restructuring, turnaround, and capital markets experience. He noted that as a publicly listed company, Rektron can access global capital markets to raise substantially more than $600 million if the business case warrants it.
He revealed that Rektron has already engaged in discussions with AT Ghana’s management and, indirectly, with several creditors, many of whom welcomed Rektron’s entry as a credible restructuring partner.
“Creditor negotiations are best framed around the choice between zero recovery or structured recovery. With Rektron’s equity backing, we can credibly propose partial repayment alongside long-term restructuring of the balance,” he said.
Rektron’s proposal includes:
- Clearing and restructuring AT Ghana’s debt.
- Introducing a new billing system.
- Rolling out modern network infrastructure.
- Providing a working capital buffer.
- Allocating a significant marketing budget to reposition AT Ghana as a competitive challenger.
The group projects that within 18–24 months of closing, AT Ghana would be fully prepared for a 4G launch, with a roadmap for 5G deployment once spectrum becomes available.
Despite its strong pitch, Rektron says it will not force its way into the process.
“We are certainly interested in AT, but not desperate and have no intention of embroiling ourselves in long-term litigation. We will follow due process, engage with government, and watch how the situation unfolds,” Mr Tolia stated.
Rektron’s bid comes amid uncertainty over the future of AT Ghana. While government officials insist the AT–Telecel arrangement is neither a merger nor an acquisition, stakeholders confirm that talks have been ongoing for some time and are nearing conclusion.
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