Republic Bank Submits Offer To Hfc Bank
Accra, Ghana, 23 March, 2015 – Republic Bank Limited (RBL) is pleased to announce that it has received the approval of the SEC to its Offer Document. RBL has in keeping with the offer process today officially served its Offer Document on HFC Bank making its long outstanding mandatory offer to all shareholders of HFC Bank.
The share price offered by RBL is GHS1.60 per share payable in cash. This represents a premium of 18% above the average price of HFC Bank shares for the year to date and 20% above the Friday March 20, 2015 closing price. RBL Auditors, Ernst and Young, have confirmed that RBL has available resources to satisfy full acceptance of the offer.
The offer is subject at all times to the provisions of the Takeover Code and the Listing Rules of the Ghana Stock Exchange.
RBL continues to follow the process as specified by the Takeover Code which places responsibility on HFC Bank to execute a number of actions. These include a requirement that it circulates the Offer Document to all shareholders within fifteen (15) days from the date of receipt by it of the Offer Document.
Robert Le Hunte, Director of African Operations for RBL, commenting on the approval said that "I am extremely happy that we have arrived at this stage of the MTO process whereby shareholders who are the owners of HFC Bank will finally be able to make a decision on their shareholdings. This is indeed a momentous occasion for the Ghana capital market."
“Our key focus is to work with our partners, shareholders and management and staff of HFC Bank to add value to the operations of HFC and contribute to economic growth and development in Ghana. We remain committed to achieving our objective”, Mr Le Hunte said.
Republic Bank Limited is one of the largest and most successful independent commercial banks in the English-speaking Caribbean. Republic Bank has served retail-banking customers, corporate clients and governments throughout the region for 176 years. Today, the Republic Bank Group has a staff complement across the Caribbean region of 4,098 people.
Republic Bank Limited has considerable experience in retail banking particularly in the area of mortgages and credit cards. It also has extensive knowledge of financing of the oil and gas sectors in Trinidad and Tobago.
As at September 30, 2014, the assets of Republic Bank Limited stood at US$ 9.4billion , with equity at US$ 1.4 billion and profits attributable to shareholders for the year ended September 30, 2014 of US$192.0 million.
Republic Bank is listed on the Trinidad and Tobago Stock Exchange with subsidiaries in Trinidad Guyana, Barbados and Grenada as well as in other Caribbean Countries.