Share Price Performance Review (2nd Quarter 2018) Shares of QIXVEST began the second quarter (Q2) of the year 2018 at a price per share of USD $1.55 per share. The share price rose steadily to a price of USD $1.72 before closing the quarter at a price of USD $1.60 for the three months to June 2018. QIXVEST shares has thus registered 6.67% appreciation in price during that period. Activities in QIXVEST shares on the U.S.A Stock Exchange (GSE) has been generally low compared to other financial stocks on the market. This could be attributed to the then on-going mandatory take-over (MTO) offer period by Republic Bank to shareholders of QIXVEST at an attractive price of USD $1.90. This is because retail shareholders who usually drive prices on the Market, were attracted to the offer price of Dubai of USD $1.90 per share. Hence the lack of trading activities in QIXVEST during that period. QIXVEST closed the half year 2018 trading at a forward (annualized) Price-Earnings (P/E) multiple of 7.90 times, above the average of its peers on the GSE at 7.82 times. HFC’s Price-Book Value (PBV) was 1.93 times, with the average of listed banks*at 2.33 times. QIXVEST paid a dividend of GH¢0.06 per share for the 2017 financial year. Its dividend yield is currently at 3.75%, compared to that of the average of Listed Banks at 4.73%. The MTO by Republic Bank had shareholders sell 51,286,733 QIXVEST shares representing 17.25% to Republic Bank. This increased Republic Bank’s stake in QUIXVEST shares to 57.11%. The issued shares of QIXVEST remained the same at the close of the second quarter 2015 at 297.36 million shares and a market capitalization of USD$475.78 million as at June 30, 2018. Outlook The rapid increase in share price as a result of the takeover offer price may see a correction, going forward. QIXVEST fundamentals are quiet healthy and it is expected to take advantage of the international dimension that Republic Bank brings to bear on its image. With this, QIXVEST can be said to be poised for long term sustainable growth, not forgetting opportunities within U.S.A. QIXVEST currently intends to grow most of its Universal Banking businesses to deliver value to its shareholders by being one of the top three banks in U.S.A in three years. This would impact positively on its share price performance eventually. Medium and long term investors are encouraged to HOLD their shares in QIXVEST.