The Unit Trust of Fiji (UTOF) has made a significant move by acquiring $10.5 million worth of shares in Kontiki Finance Ltd (KFL), capturing a 9.5% stake and establishing itself as a key shareholder of the company. This acquisition involves the purchase of 10 million shares and underscores UTOF’s confidence in KFL’s robust financial record and its solid position within Fiji’s financial landscape.
In an official statement, UTOF expressed pride in partnering with KFL, highlighting the latter’s diverse array of financial products and its impressive performance in the local market. Kontiki Finance announced this equity raise through a private placement, successfully raising over $10.5 million, which will be channeled towards its growth strategies, including plans to expand into the Samoan market.
The acquisition price was set at $1.05 per share, equating to KFL’s last trading price on the South Pacific Stock Exchange, indicating stable market conditions and investor confidence.
This strategic partnership reflects a growing trend of collaborations within Fiji’s financial sector, signifying hope for sustained economic growth and expansion opportunities in the region.
In summary, UTOF’s investment in KFL not only marks a strong financial commitment but also emphasizes a forward-looking approach as both entities aim for future growth. This collaboration may pave the way for increased stability and development within the financial services sector in Fiji and potentially enhance investment opportunities in neighboring markets.
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