KGF lifts trading of shares suspension

INVESTMENT group Kinetic Growth Fund (KGF) last week lifted trading suspension of its shares on the South Pacific Stock Exchange (SPX).

Trading was suspended at the end of last year to allow for the completion of negotiations on the KGFKelton deal, Griffon Emose, representative of KGF manager Kontiki Capital said.

“The transaction with Kelton is by far the largest in the Fund’s history and it was felt that all terms of the transaction should be finalised and the market fully informed before trading in KGF shares resumed,” Mr Emose said.

“Now that details of the transaction have been made public, and with the excellent progress to date on completion, it is appropriate to reopen KGF shares to normal trading.”

KGF board chair Erik Larson said the property transaction will be transformative for KGF.

“Although nobody likes to have shares suspended from trading, we—and the South Pacific Stock Exchange—believe that it is important to have a fair marketplace,” he said.

“We continue to work with our investee companies and will update the market as and when there are material developments.”

Last November, KGF announced the acquisition of “a substantial property portfolio in Suva from Kelton Investments Pte Ltd”, a private investment firm owned by Suva businessman and politician Sir James Ah Koy and his family, in exchange for a mix of cash and equity.

The properties included Naibati House, Korobasaga House and Gunu House in Suva’s CBD.

KGF shares were trading at $1.12 a share by midday yesterday.

Picture: SUPPLIED Done deal... Kontiki Capital chairman Jack Lowenstein, left, Sir James Ah Koy of Kelton Investments, Mark Halabe of Kinetic Growth Fund and Kelton Managing Director Anthony Ah Koy.