Republic makes its offer for Ghana bank

(Trinidad Express) Republic Bank has submitted its Offeror’s Statement to HFC Bank and the Ghana Securities and Exchange Commis-sion (SEC) detailing its offer to all shareholders of HFC Bank, the bank said in a release on Wednesday.

The offer was made on Tuesday.

The mandatory offer is in line with the requirements of the SEC Code on Takeovers and Mergers and follows the Bank of Ghana’s approval for Republic Bank to make a mandatory offer to shareholders. Republic Bank made the announcement on April 17, 2014.

The share price offered by Republic has been increased from its initial indicative offer of GHS1.30 (US$0.48) to GHS1.60 (US$0.58) per share.

The revised offer is at a premium of 65 per cent over the mandatory price and 28 per cent above the current trading price.

As part of the statement, Republic Bank’s auditors, Ernst and Young, have provided confirmation that available resources of the Bank are sufficient to satisfy full acceptance of the offer, which shall be settled in cash or by way of bank transfer. The offer is subject at all times to the provisions of the Takeover Code and the Listing Rules of the Ghana Stock Exchange, the bank said.

Republic Bank continues to follow the process as detailed by the SEC; which includes a requirement that HFC Bank advises receipt of the Offeror’s Statement to the SEC within 24 hours.

“Republic Bank remains committed to adding value to the total operations of HFC Bank, through the provision of opportunities; the continued professional development of staff, and the growth and expansion of product and service offerings,” the bank said.

Comments  

Manufacturing sector at standstill – Ramsay Ali

The unchanging dilemma of an uncompetitive   local manufacturing sector continues to be manifested in the persistence of high electricity costs coupled with a notoriously unreliable power supply system and high costs of imported raw material inputs, among other things, Former President of the Guyana Manufacturing & Services Association (GMSA) Ramsay Ali who is also Chief Executive Officer of Sterling Products Ltd.

Sterling Products seeking 10,000 acres for coconut cultivation

With the global coconut industry now offering numerous potentially lucrative opportunities to the manufacturing and agro-processing sectors, the local company, Sterling Products Ltd is signalling its intention to utilize the sector to enhance its own expansion and diversification programmes.

Backing away from a garbage crisis

It had always appeared to be the case that the assurance given the citizenry by Town Clerk Royston King in a statement last week that following the withdrawal of services by City Hall’s substantive service providers, Cevons Waste Management and Puran Brothers, the City was putting in place contingency measures to manage, in an environmental friendly manner, the city’s waste disposal, was little more than just another example of the municipality getting ahead of itself.

China Railway gets major T&T road project

(Trinidad Guardian) China Railway Construction Corporation (CRCC) has been awarded a $221.7 million contract by the National infrastructure Development Company (Nidco) to build the controversial Curepe Interchange, the state company’s chairman Herbert George has confirmed.

Kitco Market Data

Gold Prices for the three-day period ending Thursday August 17, 2017           Kitco is a Canadian company that buys and sells precious metals such as gold, copper and silver.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now

×