![\"SSNIT\"](\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/04\/SSNIT.jpg\")
<\/a>If the sale goes ahead Republic bank which is currently the single largest shareholder of the bank with 40 percent shares will now have over 70 percent shares.<\/p>\nRepublic bank is offering 1 cedi 30 peswes per share.<\/p>\n
Sources familiar with the matter also tell Citi Business News<\/b> that <\/b>the <\/b>founding Managing Director of HFC bank Stephanie Baeta-Ansah may also sell her shares in the bank.<\/p>\n Stephanie Baeta-Ansah currently owns 0.13 percent shares in the bank.<\/p>\n Republic Bank in line with the Security and Exchanges Commission (SEC) Code on Takeovers and Mergers announced on the floor of the Ghana Stock Exchange on Thursday 17th<\/sup> April, 2014 that it will make an offer to all shareholders of HFC Bank to increase its investment in the bank.<\/p>\n The SEC Code on Takeovers and Mergers requires a shareholder in a listed company whose shareholding reaches over 30% to make an offer to remaining shareholders.<\/p>\n Citi Business News<\/b> has gathered the Bank of Ghana has also granted Republic Bank approval to make the offer.<\/p>\n But the move has been met with some opposition from some shareholders of the bank including the managing director of the bank Asare Akuffo who owns 0.3 percent shares.<\/p>\n This makes him the second largest individual shareholder and 11 largest shareholders in the bank.<\/p>\n Meanwhile the bank is expected to hold an AGM tomorrow with the takeover expected to be the main agenda for the meeting.<\/p>\n \u00a0<\/b><\/p>\n By:\u00a0 Vivian Kai Mensah\/citifmonline.com\/Ghana<\/p>\n<\/a>Shares of COCOBOD and SSNIT will fetch the two institutions over 40 million dollars.<\/p>\n<\/a><\/a>