The Unit Trust of Fiji (UTOF) completed a significant acquisition at the end of the year, purchasing $10.5 million worth of shares in Kontiki Finance Ltd (KFL). This transaction marks UTOF as one of KFL’s major shareholders, having acquired 10 million shares, which represents approximately 9.5 percent of the company’s shareholding.
In a statement on its website, UTOF expressed pride in this partnership with KFL, recognizing the company’s strong performance and its established presence in Fiji’s financial market through a diverse range of products and services. KFL, in turn, has announced this acquisition as part of a private placement that has raised a total of $10,544,999 in equity capital, aimed at funding its growth strategies.
The funds raised will be directed towards various strategic initiatives, including potential expansion into the Samoan market, which was a key topic during KFL’s last Annual General Meeting. This transaction was executed at a price of $1.05 per share, matching KFL’s last trading price on the South Pacific Stock Exchange.
This acquisition not only strengthens UTOF’s portfolio but also lays the groundwork for future growth for KFL, showcasing a commitment to enhancing financial services in the region. The collaboration between UTOF and KFL signifies a positive outlook for the financial landscape in Fiji, as both entities work together to achieve their goals.
Summary: UTOF acquired $10.5 million in shares of Kontiki Finance Ltd, becoming a major shareholder with 9.5 percent ownership. This strategic investment will support KFL’s growth plans, including potential expansion into Samoa.
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