Trinidad’s Republic Bank has increased its holding in HFC Bank Ghana Limited from 32 percent to 40 percent with the purchase of an additional 7.98 percent from one of the bank’s shareholders — Union Bank of Nigeria PLC.
The transaction involved 23,638,340 ordinary shares at a price of GHS 0.67 (USD 0.31) per share. This is the second such increase in Republic’s holdings in the Ghanaian Bank. The matter of Republic making a mandatory offer to all shareholder to acquire majority shares is still unresolved and this latest acquisition will probably make it more difficult to resist the demand by the Securities regulators for Republic Bank to proceed with the offer.
Republic Bank is an IC Insider Buy rated stock.
Related post | Republic onto something good in Africa | No change to Buy & Watch list
[…] the remaining 34.86 percent minority shareholding in Republic Bank (Barbados) was acquired and a 40 percent shareholding was acquired in HFC Bank (Ghana). “Republic will continue to look at opportunities in the African continent that meet our risk […]