Strategical Partial Disposal of Solomon Telekom Ltd Shares - Letter to Editor Solomon Star

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.

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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.

Independent External Procurement Policy Reviewer

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. 

ACCEPTANCE OF SOUTH PACIFIC OIL LIMITED 2017 DIVIDEND

South Pacific Oil Limited (SPO) Board Chairman, Mr Gideon Zoleveke Jr. 

Members of the SPO Board

SPO General Manager, Mr. Carson Corowa
SPO Chief Finance Officer, Mr. Kunal Nandan
SPO Management and Staff

SINPF Board, Management, and Staff
Invited Media

An hour or so ago, South Pacific Oil Limited (SPO) held its Annual General Meeting (AGM) in which the AGM approved a total Dividend amounting to SBD 73 million for the 2017 financial year that ended on 31 December 2017.

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