SINPF board acquires 15% in PNG based Loloata Island Resort
The Solomon Islands National Provident Board has purchased its’ 15% shares in Loloata Island Resort Limited on Tuesday 14th May 2018 at the Lamana Hotel, Port Moresby, Papua New Guinea. The SINPF bought its shares for K12 million (approx. SBD$30 million) from funds generated from its’ Bank South Pacific equity investment returns.
Following the purchase, the shareholders of the company are as follow; Nasfund - 50%, Lamana Development Company Limited (35%) and SINPF Board (15%).
The Chairman of the Loloata Board Sir Mel Togolo in his address at the company’s board meeting said he is pleased and very happy to welcome the SINPF Board “to another great partnership that builds on our successful Melanesian Brothers’ cooperation in Heritage Park Hotel Ltd, Honiara, Solomon Islands”.
The Chairman of the SINPF Board Chairman Mr Peter Boyers, the SINPF CEO Mr. Mike Wate and SINPF Manager Legal Services (acting) Stanley Hanu travelled to Port Moresby for the acquisition of the shares, to attend the board meeting, and for a site visit to the facilities.
Loloata Island Resort Limited is the 2nd SINPF equity investment in PNG besides its BSP shareholding. The resort should commence its first phase of business on July 17th 2019. “The financial projections of the new investments are positive and met our risk return benchmarks driven by a strong experienced board and management team” added Mike Wate, CEO of SINPF.