Kina Securities Limited (“Kina” or “Kina Bank” or the “Company”) is pleased to announce that it has today entered into sale and purchase agreements (“Definitive Agreements”) to acquire 89.91% of the banking operations in Papua New Guinea (“PNG”) and 100% of Fiji (together, the “Pacific Businesses”) of Westpac Banking Corporation (“Westpac”) (the “Acquisition”). Acquisition Highlights:
The Acquisition
Kina will consider making an offer for the acquisition of the shares held by the remaining shareholders in
Westpac Bank PNG Limited post the completion. This will be subject to normal business considerations and due diligence. In addition, the Company will seek shareholder approval of the Acquisition in accordance with section 110 of the PNG Companies Act 1997, at a general meeting to be called in Q1 2021. Next : Papua New Guinea Finalising Study On Free Trade Agreement With China Comments are closed.
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