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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Republic bank secures over 57 percent stake in HFC bank

bycitibusinessnews
May 8, 2015
in Banking And Finance, Business, News
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Republic bank has secured more than enough shares to gain controlling interest in local bank HFC.

[contextly_sidebar id=”h5e1MhdAfHW0tQCHr2U9u4fdiYip9DZ1″]Republic bank was seeking to gain at least 51 percent stake in HFC bank.

However Citi Business News has learnt Republic bank now owns about 57 percent stake in HFC bank.

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Sale of shares
Sources familiar with the matter tell Citi Business News the bank managed to secure about 57 percent stake after both private and state run companies as well as individual shareholders gave up their shares in the bank.

Cocobod which has 5.6 percent stake in the bank sold its shares while individual shareholder Kwame Addo with 6.8 percent stake in the bank also sold his stake.

Asare Akuffo -Former HFC MD
Asare Akuffo -Former HFC MD

However Citi Business News has gathered the bank’s former MD Asare Akuffo did not sell any of his shares in the bank.

Republic bank paid 1 cedi 95 peswes per share to shareholders who wanted out.

Sources familiar with the sale of the shares say Republic bank is likely to dish out at least 115 million cedis in total to shareholders who sold their shares.

The HFC stock is currently trading at 1 cedi 71 peswes on the Ghana Stock Exchange.

New composition

Per the sale Republic bank now has 57.1 percent stake, SSNIT about 26 percent, Ghana Union Assurance company about 10 percent, SIC 3.1 percent with about 3 percent belonging to individual shareholders.

Republic bank was forced to make a mandatory offer to shareholders of the bank in line with the country’s code on takeovers and mergers after it gained over 31 percent stake in the bank.

The offer ended yesterday May 8th, 2015.
–
By: Vivan Kai Lokko/citifmonline.com/Ghana

 

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