BSP rethinks stance on stock listing

Business

THE Bank South Pacific has changed its mind on having a secondary listing outside the Papua New Guinea market “due to market conditions”.
Group chairman Sir Kostas Constantinou revealed this in a market release yesterday.
“The BSP board had determined not to proceed with a listing on an exchange outside of PNG due to market conditions,” Sir Kostas said.
In March this year, BSP announced a “potential listing” on the Australian Securities Exchange (ASX).
Sir Kostas then said: “BSP has been assessing how it might improve the liquidity of its share register.
“In that context, BSP confirms that it is currently exploring a potential secondary listing on ASX.
“The timing and size of any offer under the potential listing will depend on a number of factors within and outside BSP’s control, including prevailing market conditions and investor appetite.
“BSP will provide an update if and when there are any material developments.”
A month later, the bank released another statement which said its board “is not of the view that there will be a significant public offer of shares regarding the potential listing on Australian Securities Exchange”.
“The board of BSP is continuing its consideration of initiatives to generate greater liquidity in BSP shares,” Sir Kostas said.
BSP has network in the Cook Islands, Fiji, Solomon Islands, Samoa, Tonga and Vanuatu. It has branches and sub branches in cities and towns in those countries.
The bank had recently moved into Cambodia.

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