PNG regulator denies stake sale of Westpac's Pacific businesses (updated)

Kina Securities

13/09/2021 23:59

(Adds background on divestiture)
    Sept 14 (Reuters) - Papua New Guinea's competition regulator
has decided to reject Kina Securities'  KSL.AX  proposed stake
acquisition in Westpac Banking Corp's  WBC.AX  Pacific
operations, Australia's second-biggest lender said on Tuesday.
    Westpac in a statement acknowledged the final decision by
PNG's Independent Consumer and Competition Commission (ICCC) to
deny the proposed stake sale in the bank's PNG unit, adding it
will continue to operate its Pacific businesses.
    Westpac had announced the sale of its businesses in Fiji and
Papua New Guinea to Kina Securities for up to A$420 million
($309.46 million) in December, a move aimed at streamlining its
operations by focusing more at home.  urn:newsml:reuters.com:*:nL1N2IM0JN
    PNG-based Kina Securities did not immediately respond to a
Reuters request for comment.
    The decision by the regulator comes after Westpac and Kina
Securities made further submissions to the ICCC after it issued
a draft in July indicating it proposed to deny the stake sale.
 urn:newsml:reuters.com:*:nL4N2P21H1    


($1 = 1.3572 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Sameer.Manekar@thomsonreuters.com; +918061823447;))