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Written: 12 December 2019

PORT MORESBY, December 10, 2019: On Monday (9 December) Nambawan Super sold their shareholdings in Kina Securities Limited (KSL) known commonly as Kina Bank.

Chairman of the Fund, Mr Anthony Smaré, made the announcement following the completion of the trade.

“Nambawan Super has been a long term supportive shareholder of Kina Bank,” Mr Smaré said.

“We were the largest single source of capital for Kina Bank since taking a cornerstone position in the initial public offering (IPO) in 2015.”

During the past 4 years, Kina shares have performed very well, rising in value and making a good return for the Fund and its members,” he said.

“In 2019 the Fund made adjustments to its strategic asset allocations which is driving the fund to diversify its offshore holdings.

Mr Smaré said the Fund had welcomed last week’s announcement that Asian Development Bank will contribute USD10 million in new equity capital to Kina Securities Limited, helping Kina Securities Limited expand in the future.

“The positive market reaction signalled that investors recognise Kina Securities Limited has reached a new stage in its  development and that Nambawan Super is no longer required as the largest shareholder in the company,” he said.

“I believe Kina Securities Limited is set to become the next PNG champion supporting SMEs and grassroots Papua New Guineans, with an increasingly wide range of shareholders who are keen to support the company.”

Selling shares now doesn’t mean the Fund wouldn’t consider reinvesting in Kina Bank in the future.

“We have a strategic approach to investment, and are constantly considering what changes we should be making to our investment mix to ensure strong, long-term returns for members,” Mr Smaré said.

Nambawan Super will remain supportive of Kina Bank in regards to their ongoing business relationships in the areas of Funds Management and Administration “Kina Bank is an important partner for our fund, providing the 2 essential independent services required under the Superannuation General Provisions Act.”

Nambawan Super manages superannuation funds of approximately K7.5 billion for more than 195,000 members and continues to grow from both the private and public sectors.

<ENDS>

Media Contacts:
Ms Morgana prior
mprior@nambawansuper.com.pg

Raymond Palangat
rpalangat@nambawansuper.com.pg

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