Republic Bank, a member of Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago, has begun its renounceable rights issue through the Ghana Stock Exchange (GSE) from July 23 to August 10, 2018.
The purpose of the Rights Issue is to enable the Bank meet the regulatory minimum capital requirement, develop and grow its business and undertake larger volume transactions in line with the growth and competitive strategy of the Bank.
The Offer will also further improve the Bank’s single obligor limits and enable Republic Bank to better serve the needs of its clients in a competitive environment.
An improved single obligor limit will enable the Bank to implement and achieve its growth and competitive strategy and therefore improve its market share.
According to the Managing Director of the Bank, Anthony Jordan, the decision was arrived at the 27th Annual General Meeting of the Bank held at the Accra City Hotel, in April.
Shareholders of Republic Bank Ghana Limited approved amongst others, a resolution to issue additional shares through a renounceable rights issue to raise up to ¢255,000,000.
This is in accordance with the regulations of the Bank, the Companies Act, and other relevant laws and regulations and subject to prior approval by the GSE and SEC.
The Offer comprises a renounceable Rights Issue of 463,636,366 new ordinary shares at ¢0.55 per share to Qualifying Shareholders in a ratio of one new share for every 0.8376 existing ordinary share held.
The Offer is priced at ¢0.55 per share, representing a 63% discount to the current market price of ¢1.50 (July 20, 2018) or a 57.5% discount to the three-month average share price of ¢1.29.
In October 2017, the bank has a successful rights issue by raising additional ¢50 million to bring its capital to ¢146 million.
In April 2018, HFC rebranded to Republic Bank Ghana in line with its parent company’s brand name. Republic financial Holdings Limited is rated BBB+ by Standards and Poor's and has over $10 billion worth of assets.
- One feared dead, several others injured after accident at Legon underpass
- Citi FM journalist, Caleb Kudah allegedly picked up by National Security operatives
- Fire guts new Kejetia Market
- Ghana drops to 95th in 2021 World Happiness ranking
- Citi FM journalist, Caleb Kudah released from National Security custody
- Chinua Achebe’s ‘Things Fall Apart’, ‘No Longer at Ease’ and ‘Arrow of God’ are being adapted for television
- Cape Coast airport to be completed before end of second term – Transport Minister assures
- Wesley Girls: Aside ban on fasting Muslims aren’t allowed to observe Salat – Old student
- Our scholars in Cuba are broke because they insist on table-top payment – GNPC Foundation
- Don’t shake your car when fueling – Transport Consultant
Extraordinary problems require extraordinary measures – Lands Minister justifies burning of excavators
Government’s fight against galamsey camouflage – PPP
Court remands 32 alleged national security operatives accused of mining
Kenyan MPs summoned over bribery claims
#FixTheCountry: Be measured in your expectations of Akufo-Addo due to Covid-19 – Chief of Staff
#FixTheCountry: Pay cut for political leaders will not achieve much – Afenyo-Markin
Kumawood stars grace Mercy Asiedu’s 50th birthday
MTN Ghana donates in support of Eid celebration in Western Region
Inflation rate drifts into single digit of 8.5 per cent in April
Church of Pentecost hands over fully furnished Ejura prison to state
Legatum Center for Development and Entrepreneurship launches inaugural Legatum Foundry Fellowship for entrepreneurs in Africa
Pregnancy should not be a hindrance to your dreams – Nana Adwoa Awindor
Over 90% of ‘rotten’ vehicles at National Security premises distributed – Former MASLOC boss
Muslims urged to support in raising funds for the vulnerable
Nsawam Adoagyiri MP donates 10 Pulse Oximeters to Nsawam government hospital