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Fiji Time: 12:57 AM on Thursday 24 April

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BSP makes $229m offer

Geraldine Panapasa
Thursday, February 07, 2013

THE Bank of South Pacific Limited recently announced its interest to acquire the leasing and finance businesses of Credit Corporation Group for $229.9million.

In a statement, chairman Kostas Constantinou said BSP would commence due diligence upon the execution of an appropriate confidentiality agreement.

"In a written response dated January 30 this year, Credit Corporation informed BSP that its board of directors had resolved to invite BSP to proceed to undertake the due diligence required to make a formal offer for those businesses.

"Any formal offer by BSP will be conditional upon completion of a successful due diligence, various regulatory approvals in Papua New Guinea, Fiji, Solomon Islands and Vanuatu, shareholder approval and the parties agreeing on the terms of, and entering into, agreed transaction documents," he said.

The announcement of the non-binding conditional offer was also made public on the South Pacific Stock Exchange last week.