By a non- binding indicative offer dated 13 December 2012, Bank of South Pacific indicated its interest in acquiring the leasing and finance businesses of the Credit Corporation Group (Credit Corporation) for a price of K250 million (FJD 229.9m)
In a written response dated 30 January 2013, Credit Corporation informed BSP that its board of directors had that day resolved to invite BSP to proceed to undertake the diligence required to make a formal offer those businesses.
Any formal offer by BSP will be conditional upon completion of a successful due diligence, various regulatory approvals in Papua New Guinea, Fiji, Solomon islands and Vanuatu, shareholder approval and the parties agreeing on the terms of, and entering into, agreed transaction documents.
BSP will commence its due diligence upon execution of an appropriate confidentiality agreement.
Kostas Constantinou, OBE
31 January 2013