In its maiden profit result as a listed entity, PNG banking and wealth management company Kina Securities Ltd has exceeded the profit forecasts included in the prospectus lodged for its stock exchange listing in July, 2015.
Read MoreOpens in new window
Kina Securities Ltd launched its new brand today, marking its transformation as PNG's fourth largest bank following the recent acquisition of Maybank PNG.
Being the first PNG financial services company to list on the stock exchange in both Papua New Guinea and Australia, Kina has emerged as a home-grown success story. The addition of banking to its existing lending and wealth management services creates a strong, diversified banking organisation and gives customers the opportunity to access a broad range of financial services through one provider.
The Kina logo itself draws inspiration from the traditional, woven bilum bag and the bold patterns of tapa bark cloth. The intertwined strands reflect the two-way partnership between Kina and our customers, converging in our common purpose of prosperity.
Leading PNG financial institution, Kina Securities Limited (ASX: KSL) (POMSoX: KSL), has listed on the Australian Securities Exchange and the Port Moresby Stock Exchange following the successful completion of its initial public offering (IPO).
Under the IPO, approximately 97 million fully paid ordinary shares were offered at a price of K2.08 / A$1.00. Kina Securities will have a market capitalisation of approximately K341 million / A$164 million on listing.
Leading PNG financial institution, Kina Securities Limited, has announced that its initial public offering of ordinary fully paid shares (IPO) has closed fully subscribed following strong support from Australian and international Tier 1 institutional and Australian and PNG retail investors.
Kina Securities offered approximately 97 million fully paid ordinary shares at a price of K2.08 /A$1.00 and will have a market capitalisation of approximately K341 million / A$164 million on listing. The bookbuild for the IPO was significantly oversubscribed, with demand for shares approximately four times the target amount.
Leading PNG financial institution, Kina Securities has announced the launch of its Prospectus for an Initial Public Offering (IPO) ahead of the Company’s planned dual listing on Australian Securities Exchange (ASX) and Port Moresby Stock Exchange (POMSoX) to raise approximately K202 million (A$97 million).
Kina Securities is offering approximately 97 million fully paid ordinary shares at a price of K2.08 (A$1.00) and will have a market capitalisation of approximately K341 million / A$164 million on listing. The company is expected to list on ASX and POMSoX on 30 July 2015.
Papua New Guinea’s (PNG) largest non-bank financial institution, Kina Group, announced today it has reached an agreement with Malayan Banking Berhad (Maybank Group) to acquire its 100%-owned, PNG operating subsidiary, Maybank (PNG) Limited (Maybank PNG).
The acquisition of Maybank PNG will see Kina Group become PNG’s fourth-largest bank with a lowered cost of wholesale funding, creating a strengthened competitive position and future growth opportunities for the company.
Together it's possible
Together it's possible