The Unit Trust of Fiji (UTOF) concluded the year with a significant investment, acquiring $10.5 million worth of shares in Kontiki Finance Ltd (KFL). This move positions UTOF as one of the major shareholders in KFL, having purchased 10 million shares that represent approximately 9.5% of the company’s total shareholding.
In a statement on its website, UTOF highlighted Kontiki Finance’s strong financial performance and its solid presence in Fiji’s domestic market, offering a diverse array of financial products and services. UTOF expressed pride in forming a partnership and collaborative journey with KFL.
KFL disclosed that the acquisition was made through a private placement, aimed at raising capital to fuel its growth plans. The company announced that it successfully raised a total of $10,544,999 in equity capital, engaging a selective group of investors in compliance with the Companies Act of 2015.
The funds raised will be utilized to aid KFL’s strategic growth initiatives, which include a planned expansion into the Samoan market as discussed during the last Annual General Meeting. The shares were priced at $1.05 each when the transaction was completed, with KFL’s stock trading at the same price during the most recent update.
This acquisition reflects a robust commitment to fostering growth within the region, showing that local businesses are seeking to expand their influence in the Pacific markets. The partnership between UTOF and KFL signifies a willingness to invest in the future, paving the way for potential economic development and job creation in the financial sector.
In summary, the acquisition by UTOF marks a strategic investment aimed at bolstering both companies’ growth objectives and reflects a positive outlook for Fiji’s financial landscape.
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