Credit Corp buys off Pacwealth

The National Business

Credit Corporation (PNG) Limited says it has entered into a binding sale agreement whereby it has acquired 100 per cent of the shares in Pacwealth Capital Pty Ltd.
Board chairman Sir Wilson Kami, in a market release yesterday, said this included the subsidiary company Pacwealth Capital Ltd, a company licensed to provide investment management and advisory services.
“The board of directors believe this acquisition is an ideal fit for Credit Corporation and looks forward to continuing the growth of Pacwealth Capital in Papua New Guinea and the Pacific Region,” he said.
Pacwealth Capital Ltd chief executive Eric Krame said: “We are excited to join such a strong and respected company as Credit Corporation (PNG) Ltd, who share our enthusiasm for growth across PNG and the Pacific region.”
Credit Corporation (PNG) Ltd started business in 1978 as a general finance company.
The company specialises in providing the following range of financial products and services:

  • Chattel mortgage and lease finance for customers to acquire a wide variety of motor vehicles, heavy machinery and plant and equipment for commercial and business use;
  • Specially tailored financial packages; nd
  • Attractive investment facilities.

Through its subsidiary companies, the Credit Corporation group owns and manages a portfolio of prime real estate assets.
Shareholders have received a dividend each year since the incorporation of the company in 1978.
The Credit Corporation group presently owns assets valued at over K1 billion and operates offices in Port Moresby, Kokopo and Lae in Papua New Guinea; Suva, Nadi and Lautoka in Fiji; Honiara in Solomon Islands; Port Vila in Vanuatu; and Dili in Timor-Leste.