ANNOUNCING KINA BANK’S SHAREHOLDERS
Kina Securities Ltd (KSL) today released its new register of shareholders after recent major announcements that included the acquisition of ANZ PNG’s retail, commercial and SME operations and the divestment of its previous major shareholder.
The new shareholders in KSL include longstanding PNG businesses such as NASFUND and Mineral Resources Development Company as well as the addition of Australasian businesses such as Sydney based investment manager Ellerston Capital and Perpetual Equity Investment Company. Nambawan Super emerges as the largest shareholder.
“This is a very strong vote of confidence in Kina and our strategic vision and goals,” said Greg Pawson, CEO KSL. “Our sound organic growth strategy has been supported by investors and Kina will continue its drive to be the most dynamic, progressive and accessible financial services company in Papua New Guinea.”
Earlier this month, Malaysian company Fu Shan Investments Ltd sold their entire stake in Kina Securities, representing 34.94% or 57.29 million shares. The sell-down prompted strong demand from both PNG and overseas shareholders with shares heavily oversubscribed. Fu Shan had been a longstanding investor and partner of Kina.
“Fu Shan have been with us every step of the way,” added Mr Pawson. “We have appreciated their input, expertise and insight and Kina wouldn’t be what it is today without their valued contribution.”
Kina Bank, a wholly-owned subsidiary of KSL, also announced its acquisition of ANZ PNG’s retail and commercial/SME business. The transition will complete in the third quarter of 2019 providing an extensive transition period to ensure customers and staff receive the seamless and exceptional service experience for which Kina is known.
The acquisition includes the transfer of all of ANZ’s retail branches, ATMs and EFTPOS terminals, giving Kina Bank the scale to compete more effectively, improve its market position and enhance its product mix. With a comprehensive national footprint and expanded distribution network, Kina will continue its drive to be Papua New Guinea’s leading digital bank.
“As a proudly home-grown financial services company, we’ve grown in parallel with PNG’s economy to emerge as a strong and secure Papua New Guinean bank,” said Mr Pawson. “Kina Bank’s acquisition of ANZ PNG’s retail, commercial SME business will lead to a large uplift in Kina’s earnings, offering a significant deposit base to continue to grow our loan portfolio. It means we can continue to build a better future for our customers and for PNG as a whole.”
Group Manager Communications
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