Heritage Park Hotel great investment for shareholders

THE country’s national provident fund stands by the Heritage Park Hotel as ‘one of its greatest investments’.

SINPF General Manager, Mr Mike Wate speaking on behalf of the SINPF Board confirmed that Heritage Park Hotel Limited had returned more than 60 percent of its original capital of $28 million for its 10 percent equity in Heritage Park Hotel and that the Heritage Park Hotel is one its best performing assets.

Wate added that SINPF has consistently since 2010 been receiving cash in dividends, interest on shareholder loan, plus continuing positive capital appreciation.

Meanwhile, he Chairman of the Board of Heritage Park Hotel Limited, Mr Mel Togolo MBE, said, “It is not my role to speak on behalf of Solomon Islands National Provident Fund, and I don’t purport to, but I am extremely disappointed that the good name and reputation of Heritage Park Hotel is being denigrated by negative press articles [Solomon Star] 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. I can advise that the Heritage Park Hotel is Nasfund’s second best investment in the 2016 Annual Report. 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 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 percent pa. SINPF get the same rate of return as Nasfund from its Heritage Park Investment.

“Statements made by Mr 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.”

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