Tuesday, August 09, 2011
THE Fiji National Provident Fund has written back over $4 million of the $5 million written down for the Grand Pacific Hotel, chief executive Aisake Taito said.
This was through the sale of shares.
FNPF Investments Ltd is now the 25 per cent shareholder of the joint venture with Lamana Development and the National Superannuation Fund of Papua New Guinea.
According to FNPF, their contribution would be 25 per cent of equity.
Mr Taito said the FNPF board and management had been inspired by the thinking in the government which included thinking outside the box, making tough decisions even if they were unpopular to a few people and doing the right thing.
"Fifteen months after the write down of $5 million from the GPH, the FNPF has written back over $4m of this investment. Therefore, the decision taken by the board early last year was without doubt the right decision.
"The write back of over $4m has been achieved as a direct outcome of the investment rehabilitation that led to the joint venture partnership agreement with Lamana and NASFUND," Mr Taito said.
FNPF chief investment officer Jaoji Koroi said the selection of the two shareholders were based on the three Cs of investment, which were character, capability and capital.
The two shareholders ù Lamana and NASFUND ù have a combined total asset value of $3billion.
Meanwhile, Fiji Islands Hotel Tourism Association president Dixon Seeto said any tourism investment was good for the industry.
The redevelopment of the GPH, he said, would draw tourists to Suva and provide some balance between this side of the island and the more popular western side.
The 600-seat conference facility would be a big drawcard, he said.
"I congratulate the FNPF for taking the bold step in this investment," Mr Seeto said.
New insurance product in the market
Tuesday, August 09, 2011
BSP Life has released its first product, BSP Prime targeting people who may want to live comfortably in retirement.
"We are quite excited about making a difference in the future well being of our customers hence the new product," BSP Life managing director Malakai Naiyaga said.
"Bula Prime is an ideal product for those planning for retirement as it supplements their retirement pension.
"At the same time it is a life insurance product that covers life and protects your loved ones."
BSP Prime can be taken at any amount and for three different terms ù 15, 20 or 25 years. One can also choose all three terms but make a single payment or premium.
"Whether you're 20 years old or in your fifties it is not too early or too late to take up this cover," Mr Naiyaga said.
The product also allows for the insurance of a second life ù a spouse.
"With Bula Prime, customers will pay premiums for only 10 years and receive maturity payouts each year in the last five years of the selected policy term.
"Customers under the age of 50 can take all three terms and pay premiums for 10 years and then sit back and receive money every year from the 11th year onwards for another 14 years," Mr Naiyaga said.
Should the life insured die any time during the policy term, a 100 per cent pay of the sum insured would be done irrespective of any matured benefits that have been paid previously except if death happens on the last payout policy anniversary date.
There are two free benefits included in the policy ù terminal illness benefit and immediate interim accident cover.
For those intending to take out insurance policies, the longer the cover, the more returns one is expected to get.
Mr Naiyaga assured that BSP's investments were sound. At least 60 per cent of its investments are in bonds and the other 40 in equity.