HFC to hold EGM on bank’s fate

Business News of Wednesday, 7 January 2015

Source: Citifmonline.com

Hfc Bank Logo

Indigenous bank, HFC will on the 20th of January, 2015 hold an Extraordinary General Meeting (EGM).

Though the announcement of the EGM does not include the matters to be discussed, Citi Business News gathers it is to deal primarily with the issues of the mandatory takeover by the Republic bank of Trinidad and Tobago.

The Republic bank late last year won a suit filed against it by HFC after the Supreme court threw out the case requesting that HFC bank refers to the Securities and Exchange Commission for grievances to be resolved.

The judgment meant the Caribbean bank will move on to take over the bank as a majority shareholder as stipulated by the code on Mergers, acquisitions and takeovers.

The share price of HFC has since risen after the Supreme Court announced its verdict.

The share price of HFC on the Ghana Stock Exchange shot up from 1 cedi 35 pesewas to 1 cedi 50 pesewas as at the close of trading on Friday 2nd Janury,2015.