The Fiji National Provident Fund (FNPF) will acquire more shares in Papua New Guinea-based BSP Financial Group Ltd (BFL) which will put it into the company’s top four shareholders.

In an announcement at the Port Moresby Stock Exchange and the Australian Stock Exchange, where BFL is dually listed, FNPF’s financial consultant Ashurst PNG said the Fijian pension fund will acquire shares from the International Finance Corporation (IFC) and the IFC Capitalisation Equity Fund.

“FNPF is a substantial shareholder in BSP, being the holder of 8.68 per cent of BSP shares.

“The acquisition of the sellers’ shares will increase its shareholding in BSP by 1.17 per cent.”

FNPF first bought shares in BFL in 2018, initially buying up 4.88 per cent shares and gradually increasing it to 8.68 per cent this year.

It now joins Kumul Consolidated Holdings (18.15 per cent), Kina Fund Management Ltd (11.36 per cent) and Mineral Resources Development Co. Ltd (9.87 per cent) on the list of top four BFL shareholders.

The banking conglomerate recorded a Net Profit After Tax of K1.081bn ($F623 million) during its 2022 financial year and has branches in Fiji, Vanuatu, Solomon Islands, PNG, Samoa, Cook Islands, Cambodia and Laos.