Monian can up stakes

 THE largest shareholder in Kina Asset Management Ltd (KAML), Monian Ltd can now increase its stake from 19.9% to 25% following approval from other shareholders at a special resolution yesterday.

Monian had 5% when it started with KAML and gradually continued to increase as the company expanded and they continued to increase their shareholding on the market.

Speaking at the meeting yesterday, chairman Sir Rabbie Namaliu (pictured) said one of the reasons why Monian wanted to raise its holdings was because of ‘continued confidence’ in KAML’s management and national policies.

He said Monian had six months to be able to complete an acquisition process if it chooses.

KAML chief executive Syd Yates said “a shareholder (KAML) can own up to 20% in any one time unless they got approval from other shareholders to increase that and that’s the reason for the meeting. If there is a special resolution and all shareholders agreed.”

He said: “KAML had more than 2600 shareholders; a combination of larger shareholders, institutions, including everyday Papua New Guineans.

“When KAML listed in 2008 we had a range of larger shareholders, institutions and everyday Papua New Guineas and that’s why we did it.

“We’ve invest part of our portfolio offshore. KAML is an investment tool for Papua New Guineans who wish to invest their savings.

“Any every day Papua New Guinean can visit stock brokers with K500 minimum, go through a simple process, stock brokers put a bid on the stock market. 

“We want Papua New Guineans to use KAML as an investment tool to invest.”