Republic Bank Limited has offered shareholders of HFC bank a share price of GH¢1.60 per share for their equities in the bank.
According to a press release from Republic Bank, the offer represents a premium of 18 per cent above the average price of HFC Bank’s shares for the year to date.
The statement advised the shareholders in HFC Bank to access the Offer Document on the website of the Ghana Stock Exchange for more information.
“The bank (Republic Bank Limited), following due process, delivered the Offer Document to HFC Bank, setting out mandatory offer that Republic Bank is required to make to all shareholders after crossing the 30 per cent shareholding level in HFC Bank”.
“While the document is available on the website of the Ghana Stock Exchange for immediate use by shareholders, in keeping with the MTO process, HFC is also required to ensure that a copy of the Offer is delivered to each shareholder and Republic Bank looks forward to HFC Bank’s fulfillment of this obligation,” it said.
The statement said, the offer price represented more than eight times of 2014 earnings of GH¢57.9 million which compared favourably to its publicly listed peers in the Ghanaian banking industry.
By Times Reporter