KinaSecurities readies raising as Westpac Pacific auction heats up
SarahThompson, Anthony Macdonald and TimBoyd
Sep 9, 2020 –11.45pm
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PNG bank ownerKina Securities Ltd is making a play for Westpac Banking Corp's up-for- salePacific unit, and is expected to ask shareholders to help restock itsacquisition war chest as early as Thursday.
It is understoodKina Securities is locked in a two-horse race for Westpac's Pacific arm, whichowns banks in PNG and Fiji, and is up against a well-funded bid from Frenchbank BRED-Banque Populaire.
Westpac isseeking to get out of the Pacific by offloading its two remaining businesses;PNG and Fiji. Jessica Hromas
To boost itscredentials in the auction and provide funding for growth more generally, theASX-listed Kina Securities is expected to go to its mostly Australianshareholders for an $80 million equity injection.
Industry sourcessaid Kina had started talking to fund managers and its house stockbroker,Morgans, about an equity raising to be done via an accelerated renounceableentitlement offer.
Shareholders forum on cap raise., page-3
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