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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.








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