Fiji National Provident Fund has entered into an agreement to buy into Bank South Pacific.
FNPF is Fiji’s Sovereign Superannuation Fund, and is a major investor across Fiji and one of the country’s largest property owners.
BSP Chairman, Sir Kostas Constantinou, announced FNPF’s impending shareholding in BSP, through the Sale Agreement it had entered into on January 22nd.
Through this Share Sale Agreement with NFPF, International Finance Corporation (which is a member of the World Bank Group) will divest 22.3 million shares – 50% of its current shareholding.
Following the Share Sale, IFC will continue to hold a minority equity stake in BSP, whilst providing multiple financing facilities to support BSP’s expansion across Pacific and overseas.
The largest BSP shareholder remains Kumuls Consolidated Holdings.