SINPF defends investment in Heritage Park
By CHARLES KADAMANA
HERITAGE Park Hotel in Honiara is one of Solomon Islands’ National Provident Fund’s (SINPF) best performing assets.
That’s according to SINPF general manager Mike Wate.
“Heritage Park Hotel Limited had returned more than 60% of SINPF’s original capital of $28 million for its 10% equity in the hotel,” Mr Wate said.
“And that the hotel is one of SINPF’s best performing assets,” he added.
“Since 2010, SINPF has been consistently receiving cash in dividends, interest on shareholder loan, plus continuing positive capital appreciation.”
Mr Wate’s comments were in response to questions raised over SINPF’s investment in Heritage Park Hotel.
The hotel is a joint venture between Nasfund of Papua New Guinea, which holds the majority share, and SINPF.
Chairman of the Board of Heritage Park Hotel Limited, Mel Togolo, of Nasfund PNG, said he was extremely disappointed that the good name and reputation of Heritage Park Hotel is being denigrated by negative press articles related to returns to SINPF.
“I was appointed to the Board by Nasfund of Papua New Guinea, who are the majority shareholder in Heritage Park Hotel,” Mr Togolo said on Wednesday.
“I can advise that the Heritage Park Hotel is Nasfund’s second best investment in the 2016 Annual Report,” he added.
“The returns from Heritage Park Hotel are extremely good.
“Nasfund is very successful in Papua New Guinea with net assets of Kina 4.4 billion (SBD$10.6 billion) and over 575,000 members.
“The 2016 Nasfund Annual Report, which is available to the public, states that the return on shareholder equity and loans to Heritage Park Hotel in 2016 was 12.5% pa.
“SINPF get the same rate of return as Nasfund from its Heritage Park Investment.”
Mr Togolo said statements made by critic Charles Dausabea in respect to Heritage Park Hotel Limited are incorrect, untrue, misleading and damaging to Heritage Park Hotel Limited and should be retracted.”
“I believe that the analysis done initially by a Solomon Star journalist did not reflect the correct facts and the assumptions were totally incorrect.
“It is very important for journalists to check their facts before publishing, so as not to mislead the public.
“While I do not speak on behalf of any individual shareholder, I will protect the brand and reputation of Heritage Park Hotel for the good of all shareholders.”