As at March this year at least four significant individual shareholders of the bank had sold some substantial amount of their shares in the bank.

HFC bank, made up of both institutional and individual shareholders have been in the spot light for months now.

According to the bank’s share structure Republic bank has 39.9 percent shares making it the biggest shareholder, SSNIT follows with 26.1 percent, Ghana Union Assurance 10.9 percent and Cocobod 5.6 percent.

Individual shareholders include Kwame Addo who has 6.8 percent stake in the bank, the outgoing MD of the bank Asare Akuffo also has shares in the bank and other board and former board members as well other individual investors with no ties to the bank have shares coming up to 10.7 percent.

As at March this year one of the bank’s board member and a non executive director Francis Koranteng had sold almost all of his shares in the bank.

As at December 2012 he had about 10,879 shares in the bank but now has 91 shares after selling 10,800 in previous months.

Another board member of the bank and a director of the bank Charles Ofori – Acquah who recently left the bank, as at last month had sold about 73 percent of his shares in the bank.

He held about 374,096 shares in the bank in March 2012 but as at March this year he held about 100,796 shares.

The bank’s former MD Stephanie Beata in 2013 acquired 400,00 shares in the bank in addition to previously held shares but sold 52percent of her total shares between January and February this year.

Meanwhile the bank’s outgoing MD Asare Akuffo as at last month had acquired additional shares in the bank after acquiring about 200,000 new shares.

While the bank’s former board chairman Nana Agyei Duku transferred all his shares to one Kwadwo K Duku who is believed to be his son.

Source: citi online