Kina Bank clarifies ownership following misinformation

KINA Bank says it is a publicly listed company on both the ASX (Australian Stock Exchange) and PNGX (PNG Stock Exchange).
The bank said this to clarify the status of its ownership and stakeholders following what it considers to be misinformation going around.
“There has been some considerable misinformation about our ownership and shareholders,” executive general manager for banking Lesieli Taviri said.
“We are a publicly listed company on both the ASX and PNGX.
“As such our governance is of the highest standard and at a level that you would expect of a cross jurisdictional listed entity.”
Taviri said Kina’s major shareholders included the triple-A investment grade rated Asian Development Bank and numerous well-known global fund managers across Australia, New Zealand, the USA, UK and Singapore.
“They have shown great faith and support for PNG and the broader Pacific region, and most importantly for this acquisition,” she said.
“You will be aware that we completed a successful capital raising during 2020.
“Our founding shareholder, Fu Shan Investments, sold their remaining minority shareholding in Kina in 2018.
“This paved the way for many local PNG investors such as Comrade Trustees and Mineral Resources Development Company to invest in our business and for the Asian Development Bank and other highly regarded local and international organisations to take a leading position.
“We have an exceptionally capable independent board of directors,” she said.
“We recently appointed Dr Ila Temu to the board, under the continued strong chairmanship of Isikeli Taureka.”