New Case Finance

HFC is now set to rebrand as Republic Bank on April 24 this year after it secured the necessary regulatory approval.

Managing Director of the Bank, Anthony Jordan disclosed this at a media event in Accra. 

The move is because the Trinidad based Republic Bank took controlling stakes in HFC Bank last year.

Mr Jordan said the rebranding will allow the bank to take on bigger transactions and also offer an opportunity to some cheap credit to customers.

Mr Jordan told JoyBusiness in January, that he is confident HFC bank will achieve the new minimum capital requirement set by the Bank of Ghana before December 2018.

“We have to do another rights issue of GH₵254 million to get us to the GH₵400 million requirement by December this year. 

We have started that process, and we expect it to be oversubscribed. We will easily raise the GH₵400 million based on the commitment shown by our shareholders,” Mr Jordan said.
 
Prior to this, the bank also put out a rights issue of GH₵50 million in December 2017 which according to the Managing Director was oversubscribed.

HFC bank is among a few commercial banks that have expressed confidence in meeting the new minimum capital requirement before the December deadline

Source- MyJoyBusinessNews

Customers of Alpha Capital Savings and loans, continue to demand for the payment of their investments from the company.

According to them the delay in the release of their monies has affected their businesses as well as their lives.

Alpha Capital Savings and Loans however claims it is in talks with investors in Israel to take over the company in a few months.

Source: CitiBusinessnews

Stock Market

Trading activities were muted compared to the previous session as eighteen counters recorded activities in an advance to decline ratio of 5:3, but the quantum of loss registered by SIC helped keep the indices lower. The benchmark GSE-CI thus shed 0.004% to close at 3,335 points.

SIC Insurance dropped by2.6% to close at GHS 0.37 per share, followed by TOTAL dipped by 0.4% to GHS 4.98 per share whiles Ecobank Ghana shed 0.3% to GHS 11.65 per share. Gains were recorded in PBC (+25%), Mechanical Lloyd (+14.3%), CAL (0.8%), GOIL (+0.2%) and Benso Oil Palm Plantation (+0.1%).

In all, 204,253 shares were traded which were valued at GHS 107,567.04

Announcement on AFB (Ghana) Plc Listed Note: AFB1200-7Y24

Noteholders of Tranche 12 (AFB 1200) registered in the books of AFB as at close of business on 12th March, 2018 will qualify for coupon payment. The Register of Noteholders for Tranche 12 (AFB 1200) will be closed from 13th March, 2018 to 19th March, 2018.

The ex-coupon date has been set as 8th March, 2018. Consequently, an investor purchasing notes issued under Tranche 12 (AFB 1200) before this date will be entitled to the coupon. The coupon for Tranche 12 (AFB 1200) will be paid on 20th March, 2018. The reset date for the coupon rate for AFB1200-7Y24 is 15th March, 2018.

Source- Doobia .Com

The Commissioner General of the Ghana Revenue Authority (GRA), Mr. Emmanuel Kofi Nti, has indicated that the authority’s revenue target of GH¢39.8 billion is achievable.

It raked in GH¢ 32.3 billion last year, registering a shortfall of GH¢1.1 billion.

The figure, however, represented a nominal growth of 22.3 per cent over the 2016 collection and was the GRA’s best performance in the past five years.

Mr. Nti expressed optimism that through the combination of effective supervisory skills, new initiatives in debt collection, sustained public education and strong application of the tax laws – sanctions, the 2018 collection target could be within reach.

He was speaking at the opening of the annual management retreat of the GRA in Kumasi.

“Transforming revenue mobilisation strategies: the way forward,” was the theme chosen for the two-day programme.

The Commissioner General urged hard work, commitment to duty, regular audits, visits to taxpayers’ business premises and regular compliance activities.

“Let’s recommit to do our best for our country”, he added.

Mr. Nti signalled plans to undertake reforms of the customs warehousing, transit and re-exports regimes alongside intensified patrol to check smuggling.

He vowed that the authority would be resolute in working towards the success of the excise tax stamp – an innovation meant to monitor the payment of the correct amount of excise duty, eliminate the sale of counterfeit and illicit products.

He touched on the introduction of the “GFTrade and the Temporary Vehicle Importation Monitoring System (TVIMS) to aid the Customs Division to have access to the correct values of imported goods from the countries of exportation and verify values declared by importers.

This, he said, would enable the division to raise more revenue by discovering fraudulent declarations.

It would also help track temporarily imported vehicles which had over-stayed while at the same time identifying smuggled vehicles.

Mr. Simon Osei Mensah, Ashanti Regional Minister, echoed the need for GRA to broaden the tax net and to do more to ensure compliance.

He called for innovative strategies to engage and encourage people in the informal sector to honor their tax obligations.

Source- B&FTBusinessNews

The Ghana Stock Exchange says it would delist Aluworks, Pioneer Kitchenware and Cocoa Processing Company by May this year if they fail to meet some listing requirements. 

Managing Director of the Ghana Stock Exchange, Kofi Yamaoh said, “So far we have those that we’ve put on the watch list…those that we’ve signed on to delist by the end of March, the deal is done. I mean it’s completed. 

But for those on the watch list, yes, we have visited all of them to learn at first hand their plans towards turning around the companies,” he added

Mr Yamoah said, “We only indicated that we’ve put them on a watch list. The idea of the watch list is essential to say that – we want you to tell us your plans for turning around the company.”

Managers of the Exchange last year disclosed that it was working to remove four companies, for poor financial performance and inability to hold Annual General Meetings.  

The companies then, included Aluworks, Cocoa Processing Company and Clydestone Ghana. 

It, however, noted that Golden Web would be delisted by end of March this year.

There are calls on the GSE to hold on with this move because of the negative impact on the market. 

Source- MyJoyBusinessNews

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