BSP Financial Group has replaced Bank South Pacific Limited as the company's name.
Sir Kostas Constantinou, Chairman of the BSP, revealed this last week.
The shareholders approved the name change, as well as other legislative amendments, according to Sir Kostas.
BSP will now proceed with the filing of its application for listing on the Australian Securities Exchange (ASX).
“The notice of the meeting is currently subject to advise and approvals, which are expected to be finalised during March 2021,” Sir Kostas said.
According to BSP Group CEO Robin Fleming, the proposed ASX listing would provide access to new pools of capital on Australia's largest market.
“While BSP has been listed since 2003 on the PNGX, there are a number of constraints that BSP faces in sourcing new forms of equity capital,” he said. “Accordingly, BSP is pursuing the proposed listing as a means of mitigating some of these constraints. Access to new sources of capital will allow BSP to explore future growth opportunities. Another benefit of joining the ASX is that it will facilitate increased liquidity for BSP’s shareholders (trading of BSP shares). The ASX is a much deeper (larger pool of investors) and (more) active market than the PNGX. Accordingly, shareholders will find it easier to trade BSP shares on the ASX.”
The visibility of BSP would increase if it joined the ASX, according to Fleming.
“It will provide the opportunity to better educate the international marketplace in relation to BSP and PNG,” he said.
BSP's shares would be exchanged on both the PNGX and the ASX if authorised.
When asked about the name change, CEO Robin Fleming confirmed that the iconic trade name of BSP would continue to be used throughout the Pacific.
