The Securities and Exchange Commission (SEC) has dismissed allegations of concert party trading against Republic Bank Limited and Yellow Tide trading.
A statement signed by the Director-General of SEC Adu Anane Antwi said, “after carefully considering all the information gathered from the investigation , the commission did not find a “concert party” relationship between Yellow Tide and Republic Bank with the intent of co-operating to consolidate control of HFC Bank”.
The investigation follows a complaint from a shareholder of HFC Bank Mrs. Eudora Hilda Koranteng, requesting SEC to investigate the matter.
Acting in Concert is a term used when parties undertake identical investment actions to achieve the same goal.
The complaint requested the Commission to investigate whether the purchase by Yellow Tide Limited of 3,360,557 shares of HFC Bank , representing 1.13% of the Bank’s issued shares, was in concert with Republic Bank Limited and consequently in furtherance of the proposed mandatory takeover of HFC Bank by Republic Bank.
[contextly_sidebar id=”YimVqnFbnx26sQsor691ZLMnMFVQqbXp”]The statement further stated that the purchase of 3,360,557 shares of HFC Bank, representing 1.13% of the Bank’s issued shares by Yellow Tide was not in furtherance of the proposed mandatory takeover of HFC Bank by Republic Bank.
The decision of the commission has been communicated to the complainant and other parties to whom the complainant’s letter was copied.
The Commission also assured all investors and the general public that it was committed to ensuring rigorous enforcement of all the rules for players in the capital market, in order to ensure fair and equitable dealings in security.
By: Rabiu Alhassan/citifmonline.com/Ghana