Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook page
For the first time in over 24 years after approving the Pacific Balance Fund (PBF) and the Pacific Property Trust as Unit Trust Schemes, the Securities Commission of Papua New Guinea (SCPNG) recently approved the Lihirian Investment Fund Unit Trust as a new Unit Trust Scheme in the local securities industry. The wholly owned subsidiary of Mineral Resources Lihir (MLR) Capital Limited, the MRL Funds Management Limited made history by being granted two Capital Licenses by SCPNG. Minister for International Trade and Investment, Hon. Richard Maru made the presentation of the two licenses- a Trustee Mangers License and Funds Management License to MLR Funds Management Limited today.
“I want to congratulate the Board and Management of MRL Capital Limited for achieving this very significant milestone today,” said Minister Maru.
Minister Maru said Lihirian Investment Fund Unit Trust was granted the two licenses based on their performance and on their record where they managed the fund from the initial value of K60 million in 2015 to K700 million today.
“This represents an annual growth rate of an average of 10 per cent of this fund which is a very impressive record of performance,” said Minister Maru.
“I am also happy that MLR Capital Limited out of their annual profit of K100 million to K200 million uses 25% to support community projects in Lihir especially in health, education and infrastructure,” said Minister Maru.
Minister Maru, on behalf of the Marape-Rosso Government encouraged Lihirian Investment Fund Unit Trust to also look at managing funds from other individuals and companies around the country apart from Lihir.
“The people, especially our mothers and fathers and our SMEs are looking for low-risk and high yielding investment opportunities and the Lihirian Investment Fund Unit Trust presents a very good investment vehicle for them,” said Minister Maru.
Minister Maru also encouraged Lihirian Investment Fund Unit Trust to partner the Marape-Rosso Government to invest in low-risk investment opportunities in the Special Economic Zones that will be announced in May this year.
“One of the reasons why I am excited about today is if the Lihirian Investment Fund Unit Trust can grow these funds, they can take up investments in high yielding low-risk agriculture investments. I would really like to encourage the Lihirian Investment Fund Unit Trust to seriously look at long-term agriculture investments in Papua New Guinea,” said Minister Maru.
“Our country needs billions of Kina in new investments to grow the economy so supporting high performing funds managed by competent fund managers is a key policy agenda of the Marape-Rosso Government to support economic growth,” said Minister Maru.
“I also encourage other landowners in areas with resource projects to follow the successful path of the MLR Capital Limited,” added Minister Maru.
