Fiji Time: 2:53 PM on Sunday 21 December

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. Millionth man
  2. Mourinho urges Hazard
  3. Rodgers makes sharp exit
  4. Lapse of defence costly
  5. Wardens win Mokani 7s meet
  6. $10m for State coffers
  7. In the top 3
  8. Joy of sharing and caring this festive season
  9. Van Gaal waits for 'perfect' game
  10. Good Samaritans bring smiles to gloomy faces

Top Stories this Week

  1. TV pair sent home Wednesday (17 Dec)
  2. My boy, my hero Monday (15 Dec)
  3. Justice and sleep at last Thursday (18 Dec)
  4. She's gone but the pain stays Tuesday (16 Dec)
  5. TERROR ALERT Gunmen strike Sydney cafe Tuesday (16 Dec)
  6. Clan leader calls for harsher penalties Wednesday (17 Dec)
  7. Five-try Fiji forge Plate final berth Monday (15 Dec)
  8. Court told of baby's tragic end Thursday (18 Dec)
  9. 441 new positions Wednesday (17 Dec)
  10. A-G: Claim ludicrous Friday (19 Dec)