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Republic raises offer for Ghana bank shares
Republic Bank Ltd (RBL) increased the amount it is willing to pay shareholders when it submitted its regulatory Offeror statement to the HFC Bank and Ghana's Securities and Exchange Commission (SEC). Ghana newspaper reported that the price per share offered by RBL increased from its initial offer of 1.30 Ghanaian cedis (GH¢) to GH¢1.60 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.
RBL already has a 40 per cent stake in HFC Bank with 118,544,368 shares. As required by SEC rules, the bank is offering to buy the remaining 177,816,550 shares. If all shareholders sell to RBL, it will cost the bank US$83.2 million. Michelle Palmer-Keizer, general manager of RBL group marketing and communications, said in a statement issued solely in Accra that the bank’s auditors, Ernst and Young, had once again certified that RBL has sufficient funds should all shareholders accept the offer.
RBL said it remains committed to adding value to HFC Bank by providing opportunities for continued growth, professional development of staff, and product and service expansion. RBL employs 4,098 people. As at September 2013, its assets stood at US$9.1 billion, with equity at US$1.3 billion and profits attributable to shareholders for the year ended September 2013 of US$182.2 million.
RBL is listed on the T&T Stock Exchange (TTSE) with subsidiaries in Trinidad, Guyana, Barbados and Grenada, as well as in other Caribbean countries.