Business News

Credit Corp Sale: TISA Refuses BSP’s Offer

The Beard of TeachersSavings and Loan Society Limited (TISA) has rejected BeP’s offer to acquirethe finance and leasing business of Credit Corporation.


The board of TISA strongly is againstthe purchasing offer of two hundred fifty million by Bank South Pacific stating it is not inthe best interest of its shareholders.

TISA is a major shareholder of Credit Corporation Limited with 15.3 per cent after Number 1 Super and Nasfund.


A press conference was held overthe weekend by Beard Members of TISA who strongly rejectsthe recommendation to sell Credit Corporation.


Regardless ofthe fact that Credit Corporation Beard has acceptedthe offer by BeP, TISA believesthe sale should not be pursued.


TISA Beard Chairman Gabriel Tai said Credit Corporation has failed to give confidence to its shareholders on future dividend and capital growth.


The TISA Beard believes thatthe Credit Corporation Management should have conducted a due assessment onthe current status, historic trend, potential and challenges before valuing BeP’s offer.


TISA’s Chief Financial Officer Mthew Hasu is perceived that Credit Corporation Limited has great potential to be established as a commercial bank in PNG


Mr. Hasu said it will be embarrassing to sell a reputable regional FinancialInstitution.


Shareholders will be hosting a meeting onthe 16th of October to discuss this issue.


Caption: TISA Beard Chairman Gabriel Tai on Credit Corporation sale.

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