The Managing Director of HFC bank Asare Akuffo has advised shareholders of bank against selling their shares, in his first public comments since the Securities and Exchange Commission gave Republic bank the green light to make a mandatory takeover offer to buy-up additional shares in the Bank.
[contextly_sidebar id=”8OhjOatDNtlvTavIpYpeT9NkD7toDLLn”]After close to a year of board room wrangling and court suits, SEC recently completed its assessment of Republic bank’s offer document and granted its final approval.
Republic bank has since notified HFC bank about its offer and will soon be presented to shareholders.
The Director of African Operations of Republic bank Robert Le Hunte has confirmed they are offering shareholders GHS1.60 per share.
But Asare Akuffo is encouraging shareholders to retain their shares because of the future prospects of the bank and its ambition to expand to other West African countries before the end of the year.
“Where we are now we have reached the point of high growth and profitability , so our shareholders should expect profitability to increase so i will expect them to hold on , especially institutional shareholders both public and private , this is not the time to sell your shares”, he stressed.
Mr. Akuffo said HFC bank is a proud Ghanaian institution and that the institution must still have significant Ghanaian ownership going into the future.
He spoke to the media at the launch of the bank’s 25th Anniversary celebration.
By: Rabiu Alhassan/citifmonline.com/Ghana