The National, Thursday October 10th, 2013
PACIFIC Balance Fund (PBF) has grown from K34.6 million to K320.2 million in the past nine years, trustee Melanesian Trustee Services Ltd (MTSL) said.
Under the trustees’ management, the fund grew by 35%, equating to K84 million (K236 million to K320 million).
MTSL revealed this during a board meeting yesterday as it adopted PBF’s 2011 accounts.
The trustee said the fund had grown from K34.6 million in 2003 to K320.3 million in 2011.
Chief executive Kennedy Wemin said: “The audits are very close to completion with 2012 accounts yet to be finalised … this would allow the Pacific Balance Fund to have a current and updated financial status.
“The entire audit exercise has been exhaustive as we needed to ascertain the finances of the PBF since 2003.
“Moreover, it is a clean-up exercise set to give the fund a new corporate image and value for money for its unit holders, which very shortly, would allow the fund to compete on a level playing field with others in the investment and securities market.
“Through MTSL management of the PBF, there had been considerable investment returns attributable to capital growth from the strong performance of the fund investments or investee companies and strong economic growth during the year driven by construction phase of the PNG LNG, spillover effects on related construction industry, high commodity prices, increased Government expenses, increase in employment and increase in business activities in the non- mineral sector.”