SINPF Buys Cable & Wireless Communications Shares in Solomon Telekom Company Limited

The Solomon Islands National Provident Fund is proud to announce the purchase of all of Cable & from Wireless Communications’ shares in Solomon Telekom Company Limited being 32.58% of Solomon Telekom.

The shares were purchased for SBD$100 million and transfer of CWC’s claims on Solomon Telekom.

The purchase was announced at a signing ceremony between the two parties at the NPF boardroom in Honiara.

SINPF Board Chairman Baoro Koraua said SINPF will now own 97.32% in Solomon Telekom with the remaining 2.68% owned by the Investment Corporation of Solomon Islands.

He said the purchase would protect SINPF’s investment in Solomon Telekom and ensure that the company would continue to grow.

The purchase of the shares has been approved by the Caretaker Minister of Finance.

The regulator the Central Bank of Solomon Islands has given its consent for the board to purchase the shares but on the condition that the shares are sold within 18 months.

“CWC has now divested its interests in the Pacific region. By having NPF owning their shares in Solomon Telekom, we can pick and choose who to sell the shares to,” said Koraua.

“This will ensure that the company remains competitive in the market and continue to grow its services and business while meeting national targets of opening our rural areas to better communications.”

Solomon Telekom is the full service incumbent telecom operator in the Solomon Islands, providing mobile, fixed voice and broadband services. Solomon Telekom also owns and operates Telekom Television.

Solomon Telekom has been one of the highest performing companies owned by SINPF and accounts for 32% of its cash dividend income last year.

Other SINPF major subsidiaries include South Pacific Oil Ltd (100%), Solomons Oceanic Cable Company Ltd (51%), Solomon Islands Home Finance (100%), Soltuna Ltd (32.1%), Heritage Park Hotel Ltd (10%) and Sasape International Shipyard Ltd (25%).