Fiji Time: 3:01 PM on Thursday 22 February

Fiji Times Logo

/ Front page / Archives » Article Index

Acquisition deal

Filipe Naigulevu
Saturday, January 27, 2018

FIJI National Provident Fund members are expected to benefit from dividends and capital growth through the superannuation fund's most recent aqcuisition.

The fund has entered into a share sale agreement to acquire shares in Bank South Pacific Ltd (BSP) in Papua New Guinea.

The agreement, dated January 22, 2018, was inked with the International Finance Corporation (IFC), a member of the World Bank Group, which had divested its 22.8 million shares to FNPF.

Confirming the deal to this newspaper yesterday, FNPF chief operating officer Jaoji Koroi said they had acquired 4.88 per cent shares in BSP PNG in two separate tranches of 2.44 per cent each.

"The second batch is subject to certain conditions. Through this investment, FNPF has increased its offshore portfolio, in line with one of its strategic priorities that is to diversify and optimise the investment portfolio with particular focus on offshore investments," Mr Koroi said.

With the new deal, FNPF's shares in BSP PNG stands at 2.64 per cent from the previous 0.21 per cent shares.

This is taking into account the first 2.44 per cent being acquired.

But Mr Koroi said once the fund acquired the other 2.44 per cent, their total shares in BSP PNG would increase to 5.09 per cent.

"BSP historically and forecasted to provide good dividend yields which translates to good returns for its shareholders, including FNPF and its members."

BSP chairman Sir Kostas G. Constantinou confirmed that IFC however continued to hold a minority equity stake in BSP and provided multiple financing facilities to support BSP's expansion across Pacific and overseas.

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.63400.6150
JPY 54.415451.4154
GBP 0.35770.3497
EUR 0.40670.3947
NZD 0.68870.6557
AUD 0.64290.6179
USD 0.50130.4843



Exchange Rate updated on 22nd, February, 2018

Today's Most Read Stories

  1. Wheels for ex-PMs
  2. Police brutality claims
  3. Ministers and public transport
  4. 200 vehicles from China
  5. NFP: No to coup
  6. Public 'sick and tired'
  7. Farmer admitted to Bar after struggle
  8. Family homeless after fire
  9. Students receive access to internet
  10. Nasinu family homeless after fire

Top Stories this Week

  1. Long wait Monday (19 Feb)
  2. Plans to open caves for public viewing Monday (19 Feb)
  3. None like Gita Friday (16 Feb)
  4. Masirewa scores biggest try Monday (19 Feb)
  5. Tears flow for eleven Wednesday (21 Feb)
  6. Adi Meretui joins SODELPA camp Monday (19 Feb)
  7. Bitcoin rises above $20,175 Saturday (17 Feb)
  8. Sau's 7s aim Monday (19 Feb)
  9. Indian engineers to assess Fiji's railway network Monday (19 Feb)
  10. Living in fear Tuesday (20 Feb)