Investment company in sound position, says chairman

KINA Asset Management Ltd’s (KAML) capital position and liquidity remain in a sound position, according to chairman Sir Rabbie Namaliu in a market release.
“KAML advises that its capital position and liquidity remain in a sound position,” he said.
“Given international financial markets are currently experiencing significant volatility, this will have implications for KAML.
“However, due to the challenges of the uncertain and rapidly changing environment, the definitive impact of Covid-19 on KAML is unable to be assessed at this time.”
Sir Rabbie said the firm was continuing to monitor the situation.
“KAML’s net tangible asset backing as at the end of February was K1.43 with a share price of K0.95,” he said.
“KAML will update the market once there is greater clarity on the ultimate impacts of this situation on the fund.
“KAML welcomes measures announced to date by the PNG Government, its agencies and regulators to halt the spread of Covid-19.”
KAML is a listed investment company on PNG’s National Stock Exchange.