KAML :17.25% gain in investment

Source:
The National - Wednesday, March 30, 2011
THE Kina Asset Management Ltd generated an investment gain of K7.4 million, representing a 17.25% return for the 12 months to Dec 31, 2010.It also announced a five toea dividend for shareholders.KAML chairman Sir Rabbie Namaliu said the company’s investment portfolio increased by K4.51 million, from K44.79 million in 2009, to K49.3 million last December after the dividend payment and operational expenses.“This will enable current shareholders the opportunity to reinvest in KAML in lieu or receiving dividends,” he said.The expiry date for the divided payment will be on April 20 and payment will be made on May 10.Sir Rabbie said the increase in the portfolio value was attributed to the recovery in the equities prices and favourable exchange rate movements.He said the KAML board would continue with its current investment strategy with 40% of the fund invested in domestic equities and 60% in international equities, with flexibility for trading depending on market circumstances.He stressed that the strong performance reflected the confidence returning to PNG economy and the regional growth from new resource opportunities.“PNG is considered one of a group of emerging markets that is experiencing recovery and growth and recovery faster than their more advanced counterparts” Sir Rabbie said.“Whilst PNG’s immediate neighbours in the region have continued to enjoy stable growth and recover, the immediate implication of the currency woes of more developed economies and specifically the US and Europe will affect trade.“These remained very uncertain times globally.”However, the PNG economy continued to grow, and last year was mainly driven by the commencement of construction of the LNG project and related activities and the recovery in the international export prices, Sir Rabbie said.