Ashurst has advised Morgans Corporate Limited as the full underwriter of the initial public offering of Kina Securities Limited, valued approximately A$97 million.
Kina Securities is currently one of PNG's largest financial institutions, offering services including funds management and advisory, funds administration, stockbroking and corporate advisory, custodian and trustee services, and financial planning.
Kina Securities announced it has listed on the Australian Securities Exchange (ASX) and the Port Moresby Stock Exchange (POMSox), following the successful completion of its IPO. Under the IPO, approximately 97 million fully paid ordinary shares were offered at a price of K2.08/A$1.00.
Kina Securities will have a market capitalisation of approximately K341 million/A$164 million on listing.
The Ashurst team advising on the matter was led by Corporate partner Richard Flynn, assisted by partner Corey McHattan, senior associate Nicole Pedler and lawyer Akiko Morioka.
