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[2008-04-29] HFC Bank Ghana Ltd Announces Details of Rights Issue HFC has received regulatory approval to undertake a renounceable rights issue from May 5, 2008 to May 30, 2008. The rights offer comprises a renounceable rights issue of 25,432,359 ordinary shares at GHC0.39 per share to existing shareholders in a ratio of one to four (one (1) new share for every four (4) existing ordinary shares already held) The rights issue is to enable the bank raise GHC9.9mn to: Increase the Bank’s single obligor limit to a level which will enable it meet the requirements of large reputable corporate bodies; Raise additional funding for branch expansion; Pursue investment opportunities in Ghana and other West African countries; and Upgrade the Group’s ICT. Source: SAS