CBL Press Release Details

Republic Bank acquires additional 23% stake in HFC

Pursuant to the Securities & Exchange Commission Code on Takeovers & Mergers, Republic Bank Limited of Trinidad and Tobago announces that it acquired a 23.23% shareholding in HFC Bank Ghana Limited (“the Company”) by the acquisition on Friday 7 June of 68,854,703 ordinary shares of no par value in HFC Bank Ghana Limited from Aureos Africa Fund LLC at a price of GHS0.56 per share. The shares are listed on the Ghana Stock Exchange.
 

In December 2012, Republic Bank acquired an 8.79% shareholding in the Company by subscribing to 26,051,325 shares under its recently conducted private placement. As at the date of this announcement

Republic Bank holds 94,906,028ordinary shares in the Company.
 

Republic Bank is now the single largest shareholder with a 32.02% shareholding in the Company.
Republic Bank has made an application to the Securities and Exchange Commission for an exemption from the requirement to make a mandatory takeover offer. In the event that a waiver is not granted, Republic Bank would, subject to the prior approval of the Bank of Ghana, be obliged by virtue of this acquisition to make a mandatory offer to all shareholders of HFC Bank Ghana to purchase their shares pursuant to the Code on Takeovers & Mergers.
 

The auditors of Republic Bank have confirmed that resources available to it are sufficient to satisfy full acceptance of a mandatory offer to all the other shareholders of the Company on the basis of a share price of GHS0.56.
 

Republic Bank Limited is an independent Caribbean bank with a history that spans 176 years of service. It has its roots in the Colonial Bank which started business in Trinidad and Tobago in 1837, later becoming Barclays Bank Trinidad and Tobago Limited and eventually Republic Bank Limited.
 

Issued on 7th June 2013
Republic Bank Limited
 




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