Pacific Balanced Fund’s Payout
Papua New Guinea’s largest unit trust has paid out K0.80 (FJ$0.50) per unit to shareholders, as the company maintained an 11.57 per cent average annual return for the past decade.
Pacific Balanced Fund is valued at K584m (FJ$368m).
A decade ago, the Fund was valued at K73 million (FJ$46m).
Its trustee, Melanesian Trustee
Services Limited, is chaired by Fijian business leader, John Sanday.
Mr Sanday also owns and operates Kava Korporesen, a state-ofthe-art manufacturing facility that integrates kava farming, processing and distribution focused on providing the best quality micronised and instant kava for personal and pharmaceutical use.
He said the on-going performance of the Fund’s investments enabled the distribution to nearly 20,000 members of the fund.
50th anniversary
The move follows the approvals of the Fund’s 2021 audited financial statements.
“The Fund originated as part of the desire of Papua New Guinea (PNG) people to be able to participate in the development of their country, by investing in and becoming part of major companies, through investment,” a joint statement bearing the logos of the Fund and Trustee, said.
The fund achieved a 6.08 per cent annual growth in its value, and maintained an 11.57 per cent average annual return over the past decade, the statement said.
The Fund marks its 50th anniversary next year.
While the sum paid out was not provided - even on Pacific Balance Fund’s website - it was reported K54m (FJ$34m) was paid out to 20,000 unit holders over 18 years.