THE Unit Trust of Fiji (UTOF) ended the year with a $10.5million acquisition of shares in the publicly listed Kontiki Finance Ltd (KFL), becoming one of the company’s major shareholders.
UTOF announced the purchase on its website, saying it had acquired 10 million shares which it said equated to 9.5per cent of shareholding value.
“Kontiki has an impressive financial performance record and has anchored its position firmly in Fiji’s domestic market with its wide range of financial products and services,” it stated.
“UTOF is proud to partner and journey with KFL.”
KFL announced on the South Pacific Stock Exchange that the acquisition was made through private placement and that it would use capital raised to finance its growth plans.
“KFL is pleased to announce that it has successfully raised $10,544,999 in equity capital through a private placement, engaging a select group of investors under section 283 of the Companies Act, 2015.
“As part of the capital raising the Unit Trust of Fiji (Trustee Company) Limited took up 10 million shares which now represent 9.5per cent shareholding in KFL, becoming a substantial shareholder as defined under Section 3 of the Fiji Companies Act 2015.
“The proceeds from this equity raise will be utilized to support KFL’s strategic growth initiatives, including expansion into the Samoan market as discussed at the last AGM,” KFL stated.
The transaction was executed at $1.05 a share.
KFL last traded on SPX at $1.05 a share when this edition went to press.
NOTE: This article was first published in the print version of the Fiji Times dated December 19, 2024.
