Fiji Time: 4:02 AM on Sunday 26 October

Fiji Times Logo

/ Front page / Business

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.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. Siblings in shock
  2. Koroi ready to help Fijian scrum during Europe tour
  3. Farewell Duke
  4. In the dark
  5. Forum lifts Fiji ban
  6. Taskforce rakes in $500k in rent arrears
  7. Group of companies hold inaugural Pinktober celebrations
  8. Separating fact from myth
  9. Inglis salutes new Kangaroos X-factor
  10. Relief for farmers

Top Stories this Week

  1. Death shocks family Monday (20 Oct)
  2. Inside Fiji sevens Tuesday (21 Oct)
  3. Budget overspent Wednesday (22 Oct)
  4. Public access Tuesday (21 Oct)
  5. Kepa's not weak Friday (24 Oct)
  6. Full pay while on leave Friday (24 Oct)
  7. Forgery suspect still in remand Tuesday (21 Oct)
  8. $20m in excess Wednesday (22 Oct)
  9. Ryan's fight to help 7s Friday (24 Oct)
  10. $11.9m in arrears Wednesday (22 Oct)