Funds to pay out K3m

Business
Source:
The National, Wednesday July 6th, 2016

 By MARK HAIHUIE
UNIT holders of the Pacific Balanced Fund will receive their share of the 2015 dividend of more than K3 million, according to the Melanesian Trustee Services Limited.
Lawrence Stephens, the Melanesian Trustee Services Limited (MTSL) general manager corporate services and governance, said the fund’s performance was overwhelming.
“The fund recorded K616 million in net assets with a net profit of K61.3 million in 2015,” he said.
The fund is a private trust fund owned by PNG corporations, institutions and individuals who purchase units in a collective fund.
There are currently more than 13 million Pacific Balanced Fund (PBF) units in circulation. “We are pleased with the results,” Stephens said.
“When compared to local and international growth rates, we are doing extremely well.
“This will enable us to provide annual returns to our unit holders.”
The announcement of the 2015 dividends was made by Laurence in the presence of MTSL chief executive officer Kennedy Wemin and MTSL director Joshua Bakirie at the MTSL office in Port Moresby.
There has been exceptional growth in the fund with more than K43 million distributed to unit holders since the fund’s establishment in 2003. PBF has an asset growth rate which is 3 per cent higher than the Papua New Guinea superannuation funds, and 12 per cent more than term deposits at commercial banks, Stephens said.