JAKARTA, INDONESIA / CRWEPRESSRELEASE / August 6, 2015 /IGEX signed a ten year services agreement with Kina Securities in 2014, http://www.kina.com.pg, the largest brokerage company of Papua New Guinea (PNG). This agreement provides all Kina Securities clients with access to over 21 global exchanges that have direct access to international markets of equities, currencies, futures, CFDs, options, and commodities.
Kina Securities offered approximately 97 million fully paid ordinary shares at a price of K2.08 / A$1.00 and will have a market capitalization of approximately K341 million / A$164 million on listing. The book build for the IPO was significantly oversubscribed, with demand for shares approximately four times the target amount. Kina Securities has applied for listing on the Australian Securities Exchange (ASX) and the Port Moresby Stock Exchange (POMSoX), with shares expected to commence trading on ASX and POMSoX on 30 July 2015. The Offer was conducted in part to raise capital to fund the acquisition of Maybank PNG, which is PNG’s fourth largest bank offering a wide range of consumer and corporate banking and finance products. Funds raised through the Offer will also be applied to future working capital requirements and funding growth initiatives, in addition to facilitating the partial sell-down of shares held by Kina Securities’ major shareholder. Kina Securities CEO, Syd Yates, said: “The strong oversubscription during the bookbuild phase, followed by the participation of predominantly Tier 1 financial institutions in the IPO, reflects investors’ understanding of the quality of our business, Board and management team. Leading financial institutions from Australia, New Zealand, PNG and other countries in the Asia.”
John O’Shea, President/CEO, of IGEX believes, “This is fantastic development for Kina and the interest from Tier 1 investors shows the strength of their business. IGEX looks forward to further building on our shared success. Kina is driving significant revenue our way and this underpins our potential to operate in emerging markets such as PNG, Fiji, Malaysia, Philippines and other emerging markets.”
IGEX is positioning itself at the forefront of the Asian financial market service sector through the support of partner relationships with noteworthy licensed suppliers of sophisticated global trading platforms in Equities, CFDs, Derivatives, Commodities, Energies, Foreign Exchange and Options. IGEXs world-class partners offer clients security and 100% transparency, which is critical for entry into this vast and virtually untapped Pacific Rim marketplace.
For more information about our business, mission and strategic partners visit: www.igex.com.
SOURCE:International Global Exchange