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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

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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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