The Kina Asset Management Limited (KAML) has recorded in the first quarter of 2014, an investment income of K5.1 million representing a return of 10.3% raising the company’s portfolio to K55.1 million.
“We are also pleased to announce that during the first quarter your company has initiated the process of changing our share registry from the Australian based Computershare, to the domestic PNG Registries Limited in order to better service the needs of our shareholders. In the month of May, your company was pleased to announce a Net Tangible Asset (NTA) per share of K1.23” KAML’s chairman Sir Rabbie Namaliu said during the annual general meeting of KAML held in Port Moresby today.
Sir Rabbie also noted that the recent move by the Central Bank of Papua New Guinea to introduced new Exchange Rate Trading Bands in PNG’s Foreign Exchange Market will have an adverse material impact of KAML’s performance.
“It is foreseeable that the move by the BPNG will also materially affect our larger holdings in BSP, CCP and the investments held offshore. The full year earnings impact is yet to be determined as the market is still adjusting to the new regime. We will advise in fuller detail of these developments in KAML’s half-year announcements but will continue to disclose your Company’s holdings and NTA on a monthly basis on our website” Namaliu said.