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History

38 YEAR HIGHLIGHTS

1978
Company incorporated on 25 April. Business commenced in June at Four-Mile, Port Moresby. By year end shareholders’ equity had reached K501,016 and a trading
profit of K38,201 was achieved.

1979
Operations relocated to Badili. Public share issue resulted in 339,105 additional shares being issued. Total assets had reached nearly K5 million. Rabaul Branch established.

1980
Company awarded land at Gordons 5 and plans commenced to build nine townhouses at this location. Shareholders’ equity passed the K1.5 million mark.

1981
Total assets exceed K6.4 million. Operating profit of K293,950 achieved. A recession hits PNG.

1982
Construction of nine townhouses completed at Gordons 5 in the National Capital District.

1983
Shareholders’ equity passed the K2 million mark.

1984
a An additional six townhouses completed at Gordons 5. Company operations relocated to ADF House.

1985
Assets reached K16.3 million and an operating profit of K626,302 was achieved.

1986
A further 537,000 shares were issued. Negotiations completed for the purchase of land in Cuthbertson Street, downtown Port Moresby. Shareholders’ equity approached K4 million.

1987
A residential town subdivision lease was secured over land at Ela Makana in Port Moresby. Assets pass the K20 million
mark. A public share issue raises a further 1,777,727 shares.

1988
A tender of K7.6 million was accepted for construction of a high-rise office building in downtown Port Moresby. Nine townhouses constructed at “Era Dorina” Stage 1. Company
assets exceed K30 million.

1989
Construction of a further 12 townhouses commissioned at “Era Dorina” in Port Moresby.

1990
“Credit House” opened in September. The 12 townhouses completed at “Era Dorina”. Revaluation of assets increased shareholders’ equity to K12 million.

1991
24 new apartments commenced at “Era Dorina” Stage 2. First profit of over K1 million achieved.

1992
Credit Corporation (Fiji) established and returns an inaugural profit of FJD66,638 while total assets exceeded FJD5 million. The 24 apartments at “Era Dorina” completed and tenanted.

1993
Founding Chairman, Sir Albert Maori Kiki KBE passed away. Sir Henry ToRobert KBE appointed as Chairman. Decision taken to build a further 12 apartments at “Era Dorina”.
Equity acquired in the Bank of South Pacific Limited as a long term strategic investment. Group profit exceeded K3 million.

1994
Construction of 12 additional apartments at “Era Dorina” Stage 2 completed bringing the total at the “Era Dorina” estate to 57 fully tenanted townhouses/apartments. Serious volcanic damage in Rabaul necessitates a special provision of K450,000 to cover possible losses. Credit Corporation (Fiji) Limited is issued with a credit institution
licence by the Reserve Bank of Fiji.

1995
Revaluation of property increases shareholders’ equity to K25.6 million and assets to K118.17 million. Five additional townhouses purchased at Gordons 5. Focus Finance established in Australia.

1996
Shareholders’ equity reaches K27.5 million and Group operating profit exceeds K4 million. Focus Finance affected by interest rate war in Australia. This investment
written off.

 

1997
Office established in Nadi, Fiji. Group records trading profit of K8.07 million while Group assets exceed K155 million. The Fiji subsidiary achieves a record profit of FJD2.09 million.

1998
Economic recession develops in both Papua New Guinea and Fiji. Group trading profit of K9,176,973 recorded.

1999
Subdued economic conditions continue, however Group trading profit of K6,852,266 achieved. Application for listing of the Company shares on POMSoX lodged.

2000
Company listed on POMSoX. Coup takes place in Fiji. Subdued economic conditions and high interest rates continue. Group assets exceed K200 million and shareholders’ equity reaches over K55 million.

2001
Group records trading profit of K11,068,073. Interest rates start to ease. Political stability returns to Fiji following general elections.

2002
Violence mars Papua New Guinea general elections. Recession grips Papua New Guinea. Group assets exceed K243 million and shareholders’ equity reaches K85 million.

2003
Group posts record trading profit K25,579,248. Treasury Bills reach year high of 19.69%. Fiji operations show significant increase in profitability to FJD2,704,228.

2004
Total assets reach K306,531,010. Lae Branch established.

2005
Group records trading profit K114,125,633 for 2005. Total assets reach K408,483,313. Credit Corporation (SI) Limited established in Honiara, Solomon Islands. Construction begins on Stage 3 at Era Dorina.

2006
Riots in Honiara affect Solomon Islands result. Fiji experiences military coup.

2007
Group records trading profit of K187,036,567. Total assets reach K681,383,423. Credit Corporation (Vanuatu) Limited established in Port Vila, Vanuatu. Office established in Lautoka, Fiji. Credit House, 10 Gorrie St, Suva opened. Stage 3 of Era Dorina, 18 townhouses completed and fully tenanted. Dividend Reinvestment Scheme introduced.

2008
Global financial crisis pushes most of the world towards recession.

2009
Total assets reach record K811,356,679. Stage 4 Era Dorina, 18 executive apartments completed and fully tenanted.

2010
Construction of the US$19 billion PNG LNG Project begins. K2 million On Market Share Buy Back launched. Property purchased in Lae for new branch office.

2011
Construction of 20 executive one bedroom units commissioned at Era Dorina.

2012
Total assets reach record K1.009 billion. Ela Makana Developments Limited purchased.

2013
Shareholders reject BSP offer of K250 million for the purchase of the four finance company subsidiaries. Era Dorina Stage 5 20 x 1 bedroom units completed. Office building in Nadi, Fiji completed.

2014
General elections held in Fiji and Solomon Islands. Era Matana Stage 1 & 2 project commenced construction. Mount Hagen branch opened.

2015
Cyclone Pam devastates Vanuatu.

2016
Completion of Era Matana Estate, Port Moresby’s newest and most luxurious apartment complex.
Launch of Insurance Premium Funding product.