The board and management of HFC bank have told Citi Business News that they want the bank’s ownership to be dominated by Ghanaians.
The announcement follows moves by its single largest share holder, Republic bank of Trinidad and Tobago to take over the bank.
In line with the Securities and Exchange Commission laws, the Republic bank last week made a mandatory offer to other shareholders of HFC to become the majority shareholder of the bank.
Speaking to Citi Business News at the Annual General Meeting (AGM) of the bank, managing director of HFC, Asare Akuffo said it is left with other shareholders to accept the offer made by the Republic bank.
“The company belongs to shareholders and they take final decisions in these matters.
The board’s advice as we speak is that we keep the bank’s majority (shareholding) Ghanaian-controlled. But it is for the shareholders to decide”, he said.
Asare Akuffo indicated the bank nonetheless will issue an appropriate response in a few days.
“The board will be issuing an official statement after taking advice from our lawyers. In a few days, the statement will come out and will explain everything.”
Meanwhile shareholders at the AGM approved a dividend of 3.5pesewas per share.
It represents a 25 percent increase from that of the previous year where 2.8 pesewas was paid.
Operating income for HFC last year went up by 79percent to 127.8million cedis.
Its profit before tax went up by 176.7percent to 52.1million cedis.
By: Anim Kwaku Boadu/citifmonline.com/Ghana
Follow @boaduanim