The Fiji National Provident Fund (FNPF) has entered into an agree­ment to buy into one of the region’s most successful financial institutions, Bank South Pacific.

BSP chairman, Sir Kostas Constantinou announced FNPF’s impending sharehold­ing in BSP, through the Sale Agreement en­tered into on January 22.

Through this Share Sale Agreement with FNFPF, International Finance Corpora­tion (which is a member of the World Bank Group) will divest 22.3 million shares – 50 per cent of its current shareholding.

Following the Share Sale, IFC will contin­ue to hold a minority equity stake in BSP, whilst providing multiple financing facili­ties to support BSP’s expansion across Pa­cific and overseas.

FNPF chief operating officer Jaoji Koroi yesterday confirmed the sale agreement.

“Yes the FNPF has entered into a contract to acquire 4.88 per cent shares in BSP, PNG in two separate tranches of 2.44 per cent each,” said Mr Koroi.

“This means that FNPF members (through FNPF) can benefit from dividends and capi­tal growth.”

The largest BSP shareholder remains as Kumuls Consolidated Holdings.

FNPF is also a major investor across Fiji and one of the country’s largest property owners.

STARWOOD PROPERTIES

Board members of FNPF will be visiting the Starwood properties on Denarau Island today, Mr Koroi confirmed.

Mr Koroi said: “This is part of our on-go­ing due diligence for the Starwood proper­ties.

“As a major investor the FNPF will con­tinue to explore other investment opportu­nities.”

The Starwood properties are the Sheraton and Westin resorts, Sheraton Denarau Vil­las and Denarau Golf and Racquet Club.

They are operated as an integrated resort.

FNPF properties

FNPF already owns three major hotel and resort properties the InterContinental Fiji Golf Resort & Spa, Fiji Marriott Resort, Momi Bay and Holiday  Inn and as part owner of Grand Pacific Hotel.