BSP shares on ASX relatively small: Fleming

Robin Fleming

BANK South Pacific Financial Group Ltd shares that are trading on the Australian Securities Exchange (ASX) have been relatively small, according to the bank.
Group chief executive officer Robin Fleming said the bank had been trading around 700,000 shares.
Fleming told The National when providing an update on the company’s trading on the ASX since its listing in May this year.
“BSP’s shares on the ASX have been trading in a range between A$5.40 (about K13.61) and A$5.60 (about K14.11) since the first shares were migrated to the ASX,” he said.
“Trading volumes are still relatively small with only around 700,000 shares having been moved to the ASX at this stage.
“When making investment decisions, investors will take into account a number of factors including financial performance, operating environment, growth opportunities, credit quality and credit risk, and operational risks including AML (anti-money laundering) issues.”
At a virtual ringing of the bell ceremony in Port Moresby in May to mark BSP’s listing on ASX, group chairman Sir Kostas Constantinou said the bank was listed on the PNG stock exchange since 2003.
But the board decided last year that a listing on the ASX would benefit shareholders by giving them access to a far more liquid market, and also give it potential new sources of capital to fund any future strategic growth opportunities.