The Unit Trust of Fiji (UTOF) wrapped up the year with a significant investment, acquiring $10.5 million worth of shares in Kontiki Finance Ltd (KFL). This move establishes UTOF as one of the major shareholders in KFL.
UTOF confirmed the acquisition through a post on its website, stating that it purchased 10 million shares, which represents 9.5% of KFL’s total shareholding. The trust highlighted KFL’s strong financial performance and its solid presence in Fiji’s domestic market with a diverse array of financial products and services. UTOF expressed excitement about partnering with KFL, reflecting confidence in the company’s potential.
In a notification to the South Pacific Stock Exchange, KFL detailed that the stake was obtained via private placement and plans to use the capital raised for growth initiatives. The company successfully raised $10,544,999 in equity capital, with UTOF contributing significantly to this amount by acquiring the 10 million shares at a price of $1.05 each.
KFL is gearing up for expansion, including potential entry into the Samoan market, as discussed during its recent Annual General Meeting. This indicates a proactive approach towards growth and enhancing its market presence.
Overall, this acquisition marks an optimistic development for both UTOF and KFL, showcasing strategic growth in Fiji’s financial sector and the potential benefits of collaboration in advancing market reach.
This investment not only strengthens UTOF’s portfolio but also signals promising growth opportunities for KFL, suggesting a bright future for both organizations in their respective markets.
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