Kina Securities Limited

Kina’s Westpac Offer Finally Rejected – What’s next?

Since the ICCC had already rejected the acquisition in its draft determination, and for good reason, it is no surprise that it did so in its final determination.

K35,000 boost for AFL PNG

In presenting the cheque last week, CEO of Kina Group, Syd Yates, said Kina Securities was proud to be a sponsor of AFL PNG since 2013.

He said the money will be used for operational costs, training and further development of the code.

Senior Football Operations Manager for AFL PNG, Rex Leka, thanked Kina Securities for their ongoing sponsorship.

“We really value the sponsorship which has helped AFL PNG in a lot of ways,” said Leka.

He said the senior competition (Men’s, Women’s and Men’s Reserve division) will kick off games in Port Moresby on April 22.

Kina Securities announces K41 million net profit

At the end of December 31, 2016, the bank’s profit increased from K4.9 million in the 2015 financial year.

Kina Securities Chief Executive Officer, Syd Yates, said Kina had delivered a solid result despite challenging global markets.

“Despite the more challenging environment this has been a milestone year for Kina. We have maintained our momentum following our acquisition of Maybank PNG and we are building a stronger and more efficient business while delivering on our vision of helping our customers improve their circumstances,” Yates said.

NASFUND member payments to be efficient with Kina

NASFUND says the turn around time for claims to be processed and paid will be significantly reduced under the new agreement with Kina signed this week.

NASFUND Chief Executive Officer, Ian Tarutia, says that is one of the main reasons that NASFUND opted to look at other alternatives and we are now with Kina.

Kina to administer K9 billion of member funds

Kina’s now administers the funds of more than 700, 000 members under its Funds under Administration (FUAs) business which has seen strong growth in recent years.

They company also administers the funds of members to Comrade Trustee Services limited (CTSL)

According to independent actuarial consulting firm Rice Warner, Kina would rank as the fourth largest third-party funds administrator in Australia.

Kina securities notes K20.5m profit from acquisition

KSL’s half year report, ending 30 June 2016, reflects the benefits of the K349 million Maybank acquisitions completed in September 2015, and effectively doubled the size of the Kina Securities business.

Profits in the immediately preceding December 2015 second half year were affected by costs amounting to PGK 12.0 million. This was associated with the Maybank acquisition and the completion of the highly successful public float of the company in July, 2015.

Kina Securities extends voluntary escrow arrangements

In a statement from the Port Moresby Stock Exchange, the two week extension has been provided to enable renewed escrow arrangements to be put in place with Fu Shan to accommodate Bank of PNG regulatory requirements.

The Escrowed Shares represent approximately 20% of Kina's issued capital.

A voluntary escrow was entered into by Fu Shan for a period of 12 months from the date of the Company's admission to ASX and POMSoX.

Those arrangements were described in section of the Prospectus and in the pre-quotation disclosure released on 29 July 2015.

Kina Securities initial public offering (IPO) to help to set up Kina Bank

Under the IPO, approximately 97 million fully paid ordinary shares were offered at K2.08/ A$1.00. KSL will have a market capitalization of approximately K341 million/ A$164 million on listing.

KSL was officially listed on the stock market at 11am today in Port Moresby and Sydney.

On the POMSoX KSL stock was offering at K2.03 and in few minutes the offering rose to K2.50.