Shareholders of HFC bank who want to sell their shares in the bank to Republic bank will make some extra cash than earlier anticipated.
[contextly_sidebar id=”gkuU25CM2eRVvIPIPn2bXNTnj4WZY5Zt”]Republic bank is now offering more cash for a share that is sold to them.
Republic bank last year made an offer of 1 cedi 60 peswes per share after an initial offer of 1 cedi 30 peswes per share previously.
It maintained this figure this year after the Securities and Exchange Commission SEC approved its mandatory takeover offer in line with the commission’s code on takeovers and
But the bank yesterday April 22nd, 2015 increased its offer to 1 cedi 95 peswes per share.
HFC is currently trading at 1 cedi 55 peswes on the Ghana Stock Exchange.
Some shareholders had earlier called on Republic bank to increase its offer to at least 1 cedi 83 peswes as the previous 1 cedi 60 pesws was not attractive.
The share price offer as well as current happening in the bank including the movements of some key personalities in the bank including the MD of the bank as well as the election of board directors will be some of the main issues to be discussed today 23rd April,2015 at the bank’s Annual General Meeting (AGM).
HFC has been in the news for some time now following the acquisition of some of its shares by Republic bank.
Republic bank is seeking to have at least 51 percent stake of the bank following the approval of its mandatory takeover offer by SEC this year.
By: Vivian Kai Lokko/citifmonline.com/Ghana