Analysts give estimated value of BSP


MORGAN Stanley analysts have estimated that Bank South Pacific is worth between $1.554 billion and $2.176 billion (K4.9 billion) ahead of its plans to list on the Australian Securities Exchange (ASX).
The valuation for PNG’s largest bank equates to between 1.5 times and 2.1 times its net tangible assets and 5.3 to 7.4 times on a price earnings basis.
Morgan Stanley is working alongside UBS to float BSP on the Australian Securities Exchange, as first reported by DataRoom on March 8.
The Australian revealed that the bank was slated for a listing on the Australian boards last December.
Meanwhile, according to a market release yesterday, BSP noted that it was seeking secondary listing of its ordinary shares on the ASX this year, subject to favorable market conditions and regulatory approvals.
Group chairman Sir Kostas Constantinou said: “The proposed listing is an initiative being undertaken to improve the liquidity of the company’s shares for the benefit of both existing shareholders and the company.
“The board of the company has considered a range of options to improve the liquidity of the company’s shares and believes that the proposed listing would be in the best interest of the shareholders.”
– The Australian

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