HFC Unaware Of RBTT's Share Offer

Asare Akuffo, MD HFC Bank

Asare Akuffo, MD HFC Bank
HFC Bank Ghana says it has not received any information on the mandatory offer announcement by the Republic Bank of Trinidad & Tobago (RBTT) as the latter has portrayed to the public through media publications.

In a letter dated April 17, 2014 and copied to Kofi Yamoah, Managing Director of the Ghana Stock Exchange (GSE), Asare Akuffo, Managing Director (MD) of HFC Bank Ghana requested the GSE to correct recent announcements purported to have emanated from HFC Bank Ghana Limited on the mandatory offer.

Meanwhile, the Bank of Ghana (BoG) in a letter dated April 17, 2014 and copied to RBTT Limited, said though it has granted approval to RBTT to make a bid for a majority stake in HFC Bank, it should be subject to some conditions.

They include RBTT obtaining the approval of the shareholders of HFC Bank before embarking on any bid to acquire further shares.

The Central  Bank asked RBTT to ensure compliance with the Take Over Code under the Securities Industry Law by giving equal opportunity to all stakeholders in any acquisition bid after obtaining shareholder approval.

BoG also called on HFC Bank and RBTT to update it of any additional acquisitions of shares in HFC Bank prior to effecting the necessary changes at the Registrar General's Department.

There appears to be some communication problems between HFC Bank Ghana and RBTT on the purported issue of the mandatory offer.

Even though RBTT is the largest shareholder of HFC Bank Ghana, it has communicated to the public through its own means without the knowledge of the local bank.

But analysts have noted that since HFC Bank Ghana is registered and recognised on the Ghana Stock Exchange, the Trinidad & Tobago-based bank should work in tandem with HFC Bank's corporate communications.

By Melvin Tarlue