South Pacific Oil Limited held its AGM on Friday 1st March 2019 at NPF Board Room, NPF Building. During the meeting, the AGM declared dividend payment to be paid to SPO lone shareholder SINPF and its members. In a short ceremony in packed room of media representatives and staff of SPO and NPF executive, Mr. Gideon Zoleveke declared “With such good results, on behalf of the Board of South Pacific Oil, it is my pleasure to declare a dividend of $70,000,000 for the 2018 financial year”.
News & Updates
You can access the latest Solomon Islands National Provident Fund news and media releases below.
In the recent past, your paper had published several commentaries on some of the Fund’s investments. I would like to generally clarify and one in particular by the MMF President on Solomon Telekom Company Ltd (STCL) past dividends declared by the company for its shareholders - the SINPF members’ and Investment Corporation of Solomon Islands (ICSI).
This clarification is to affirm that these dividends were made for our members’ income for those years and are within the rules of the company.
The Solomon Islands National Provident Fund Board is working towards a robust governance process that can aid to provide effective, efficient, optimum use of resources to accomplish the standard required customer service to members, employers and other stakeholders while at the same time explore avenues to minimize and mitigate potential risks to members’ savings with SINPF.
To achieve this, the SINPF Board is seeking the services of an external consultant to assist its Management team. Please go to job vacancies page for details.
I would like to clarify the recent media coverage on our planned strategic partial sell down of the ex-Cable and Wireless (C&W) 32.58% shares in STCL the SINPF Board bought for $100 million in September 2014. The Board then was given an 18 months period to dispose the 32.58% shares by the regulator.
ICSI and SINPF sign historic Shareholders Agreement in Solomon Islands Submarine Cable Company Limited.
On Friday 20th July 2018 the Investment Corporation of the Solomon Islands (ICSI) and The Solomon Islands National Provident Fund (SINPF) signed and executed their Shareholders Agreement, allowing them to complete the purchase of their shareholding in Solomon Islands Submarine Cable Company Limited (SISCC).
ICSI has a 51% share in the Company worth $123M SBD and SINPF 49% share for an equity contribution of $119M SBD, yielding a total capitalisation of $242M SBD ($29.7M USD).
SISCC have also purchased the remaining assets of the Solomon Oceanic Cable Company (SOCC) from SINPF for a consideration of $20M SBD. SINPF will loan SISCC the $20M required for this purchase with interest accumulating on the outstanding balance.