MTSL did well in 2013

 MELANESIAN Trustee Services Ltd (MTSL), the trustee of Pacific Balanced Fund (PBF), has performed well this year.

Under its management, PBF had been successful, according to MTSL

PBF was the former Investment Corporation of Papua New Guinea.

Chief executive Kennedy Wemin said: “PBF has been able to achieve its operational targets with the board recently adopting the 2011 financial audits and announcing a K4.4 million dividend to the funds unit holders for the same period.

“The audit for 2012 will be completed early next year, enabling the fund to have its accounts ready for trading in the open market while pursuing the verification of unit holders.

“There will be a final road show around the country early next year to capture the balance of unverified unit holders.”

Wemin said: “PBF fund size is now at K320 million and grew between 2009 and 2011 by 49%, equating to K105 million in a three-year period at an average growth rate of 16% per year. 

“We are working through our company directors to look at ways to improve our investment performance and bring in significant capital growth and income flow over the medium to long term through our investments in equities, fixed income and real properties, which have a low to moderate risk levels.”

In line with these goals, MTSL announced new investment programmes with the establishment of PBF Properties and recapitalisation of the Metals Refinery Operations (MRO) at K5.6 million. 

MRO would resume operations early next year. 

Wemin said: “The current economic conditions are favourable for this type of investment, with the mineral boom being experienced currently.

“We will have the largest precious metals refinery in the region to service small, medium and large scale alluvial miners.”

PBF Properties, which was established in 2012, is a wholly-owned subsidiary of the PBF with focus on property and real estate investments. 

“The objective is to identify properties, acquire, rehabilitate and put them to market,” Wemin said. 

“At least K1 million injected into PBF Properties as start-up costs.”