MTSL shareholding in MiBank up

Business, Normal

The National, Thursday April 21st, 2016

 THE Melanesian Trustee Services Limited (MTSL), as trustee for the Pacific Balanced Fund (PBF), has increased its shareholding in Nationwide Microbank Limited from 13.6 per cent to just under 25 per cent.

MiBank managing director Tony Westaway said the transaction was settled following the approval from the Bank of Papua New Guinea under its prudential guidelines, and the agreement with shareholders comprising the State and the Lihir Sustainable Development Programme.

Westaway said the MTSL had been a shareholder since November 2014. 

Since then, MiBank had been working with MTSL to open accounts for PBF unit holders, to enable dividend distribution.

“In addition, we at MiBank are designing new credit processes in order for unit holders to be able to leverage of their investments in the fund,” Westaway said. 

MTSL chief executive officer Kennedy Wemin said the strategic investment in MiBank would address the needs of unit holders in keeping up with current market trends.

“Over 80 per cent of unit holders live in rural areas, most have limited access to banking, making it difficult when it comes to receiving dividend payments,” he said.

“With MiBank having 12 branches nationwide, our unit holders can easily set up accounts and benefit from the services offered. 

“This includes using PBF certificate as collateral for small project funding loans.”