Kina Securities Limited (KSL)

Kina not hacked – low fraudulent activity

As of 18th June 2024, following the appropriate financial and regulatory disclosure processes, Kina has issued official statements to the ASX, PNGX and BPNG bringing to their attention the situation and actions Kina has taken to address this. The fraudulent transactions were linked to a funds transfer process that has now been corrected from the KSL end.

Kina Securities Terminates Agreement

Kina and Westpac Banking Corporation have mutually agreed to cease its purchase of Westpac Fiji and Westpac’s 89.91 per cent stake in Westpac Bank PNG – a deal that was hoped to expand Kina’s footprint into more markets.

Completion of the acquisition was subject to various regulatory approvals and the termination follows last week’s decision by Papua New Guinea’s regulator, Independent Consumer and Competition Commission to deny authorization for Kina’s proposed acquisition of Westpac PNG.

Kina Securities Outlines Vision

Kina Securities Ltd Chairman, Isikeli Taureka and Managing Director and CEO, Greg Pawson, outlined a powerful vision for more competition in the banking sector, more innovation and customer choice for PNG, if the Independent Consumer and Competition Commission (ICCC) approves the acquisition. 
“Our mission is to constantly improve the prosperity of the people, communities and markets that we serve. We strongly believe that this transaction should be approved by the ICCC,” said Mr Taureka.

Kina shareholders approve proposed acquisition

In a statement, CEO Greg Pawson said this was a great show of confidence by the shareholders.

“We are very excited about this opportunity, and creating a stronger and more effective banking competitor for PNG and Fiji. The acquisition is perfectly aligned with our current strategy to be a dynamic and innovative full-service regional bank with a market leading digital platform.”

KSL announces results

This is a 44 percent and 27 percent drop respectively from the same period in 2016.

KSL says the result is in line with mid-year analyst expectations and Kina’s market update.

Statutory profit is lower largely due to lower foreign exchange income in the first half year due to the lack of a US Dollar Correspondent Bank and the one-off lease termination payment expense.

Yates retires from KSL

The announcement yesterday is in line with the market notice on June 22nd 2017 of Yates’ planned retirement and transition to Greg Pawson as the new CEO.

Kina Board chairman, Isikeli Taureka, thanked Yates for his long and distinguished service of over 20 years to Kina and to the Papua New Guinean financial sector.

Taureka said his achievements have been immense and crowned by the successful IPO of Kina on the ASX and POMSoX in 2015, and the acquisition of Maybank PNG by Kina in the same year.