Update: 12:39PM THE Fiji National Provident Fund (FNPF) has entered into a Share Sale Agreement to buy into Bank South Pacific (BSP).
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Bank South Pacific Ltd chairman Sir
Kostas Constantinou confirmed this via a market announcement from the South Pacific Stock
Exchange last night.
Sir Kostas said on Monday January 22, International Finance
Corporation (IFC) “a member of the World Bank Group” entered into the
agreement to divest 22.8 million shares, which it owned in Bank South Pacific
Limited (BSP) in Papua New Guinea to the FNPF.
The FNPF is the island nation’s sovereign superannuation
fund, a major investor across Fiji and known as one of the country’s largest
property owners.
Sir Kostas said IFC continued to hold miniority equity stake
in BSP, and provides multiple financing facilities to support BSP’s expansion
across the Pacific and overseas.
Comments are now being sought from the FNPF and relevant
stakeholders.
