Finding unit holders vital: Wemin

The National, Thursday July 21st, 2016

THE identifying of unverified unit holders with Pacific Balanced Fund (PBF) is important to allow individuals to benefit from their investment, according to the fund
Melanesian Trustee Services Limited (MTSL) chief executive officer Kennedy Wemin, pictured, said a total of 2,350,400 unverified units were distributed among the 13, 000 unverified holders.
“It is a lot in kina value and we need to find ways to locate the holders and their beneficiaries so they too benefit from their investments,” Wemin said.
He said a total of K8.6 million in dividends is yet to be claimed by unverified unit holders since the establishment of MTSL and PBF in 2002.
“There are 13,000 unit holders who holds 2.6 million units.
He said poor performance of former Investment Corporation of PNG (ICPNG) resulted in unit holders losing contact of their investment.
Wemin indicated that the transition of ICPNG into MTSL has since seen increase in their investment.
“When the value of shares in the Investment Corporation Fund dropped and people who had entrusted their money to ICPNG saw no hope for the future, many simply lost contact with it,” Wemin said.
“The years since 2003 have seen value return to the shares, now known as PBF Units.
“K43 million has been made available to unit holders and, with ongoing good management of their funds, more distributions can be expected in the years ahead.”
MTSL planned to identify unverified unit holders using strategies that involves nationwide roadshows and a proposed arrangement with Mibank.
“This year’s roadshow (currently under way) is focused on informing our verified unit holders on the performance and growth of the fund,” he said. “
“Currently we have verified close to 200 unit holders who will benefit like others.”