The South Pacific’s largest bank admitted to Australia’s ASX
PNGX listed BSP Financial Group Limited (BSP) has successfully joined the Australian Securities Exchange. BSP’s dual-listing will open up the company’s register to Australian investors and boost the liquidity of its shares.
BSP Financial Group Limited Chairman Sir Kostas Constantinou OBE, announced that the Australian Securities Exchange (ASX) had approved BSP’s application for listing and that BSP officially joined the ASX on Tuesday 25 May 2021. At a virtual ringing of the bell ceremony in Port Moresby, with CEO Robin Fleming and Company Secretary Mary Johns, Sir Kostas said that BSP had been listed on the PNGX since 2003, but the board had determined last year that a listing on the ASX would benefit shareholders by giving them access to a far more liquid market, and also give BSP potential new sources of capital to fund any future strategic growth opportunities. The compliance listing does not involve any public offering of shares and BSP will now be listed on the PNGX and the ASX, which means that shareholders will be able to buy and sell shares on both the ASX and PNGX.
BSP has operations in PNG, Fiji, Solomon Islands, Samoa, Tonga, Cook Islands, and Vanuatu. It also operates asset finance businesses in Cambodia and Lao under joint venture arrangements. Today, BSP is the largest lender in six key South Pacific countries, with its market leadership underpinned by the largest channel network in the region. BSP’s current market position across the region and its capabilities, including its digital innovation provide it with multiple growth drivers across various channels, products and countries.
Sir Kostas said the BSP’s listing on ASX is a very exciting development for BSP and BSP’s existing shareholders, and we look forward welcoming new shareholders to BSP and new investors to Papua New Guinea. As a result of the dual listing BSP will have access to alternative source capital to fund our future growth ambitions, deliver improved services to our customers and enhance existing shareholder liquidity”