SOLOMON Islands National Provident Fund (SINPF) has announced its new investments during the crediting rate announcement at Heritage Park Hotel on Monday.
This included investments in both domestic and international markets.
SINPF Chief Executive Officer Mike Wate said the during the financial year, the Board placed additional $10m in term deposit as part of its strategy to upscale Solomon Finance Limited to grow it loan book portfolio serving our members.
He said the Board with guarantee from the Solomon Islands Government, also placed a $10 million term deposit with the Development Bank of Solomon Islands.
This is to support its developmental plans supporting the Small Medium Enterprises (SME) and its clients.
Furthermore, Mr Wate said the Board approved and funded Solomon Airlines Limited’s new A320 Airbus lease for $25 million.
He said this is to support our tourism sector and priced the loan at 6.25 percent.
Moreover, Mr Wate said the Board also approved and invested approximately $130m in the safe and secured SIG Bonds through a mix of discounted and par bonds with annualized return of 4.95 percent.
The Board approved new and reallocated part of its international portfolio in various asset classes, including:
- Reallocation of GBP cash into USD term deposit for US$1.4m taking advantage of offshore interest rate of 4.95 percent;
- Placement of new term deposit of AUD509,000 for 4.40 percent converted from the Fund’s call account; and
- In the PNG market with the excellent performance from BSP Financial Group, the Board approved new investment under the Fund’s Fixed Income asset class purchasing PNG Treasury Bills for total of PGK8.077m invested for 364days for an average of 3.78 percent.
In addition, the SINPF Board further approved investment of PGK9.9 million in PNG Government Inscribed Stock (Bonds) at an average coupon rate of 4.60 percent.
By EDDIE OSIFELO
Solomon Star, Honiara
