Two Capital Market licenses were handed over today to the wholly owned subsidiary of MRL Capital Limited, MRL Funds Management by the Securities Commission of Papua New Guinea.
The licenses are the, Trustee Managers License and Funds Management License is for the duration of one year each, which is the allowable initial Term under the legislation.
According to the MRL Capital Managing Director and Chief Executive Officer, Lawrence Rausim, said that he was immensely proud that the company was confidently taking the bold step to become a market player in PNG Capital Markets Industry, so as to help the growth and resource mobilization.
“This granting of the license has been an initiative that MRL is working on. It’s a license that we were looking forward to getting because of our beneficiaries who have got savings, part of the funds that have been paid as royalties and we wanted to assist them to invest these funds for them. So the initial thinking was to properly manage those funds, we need to get license,” he stated.
Mr Rausim added that the underlying reason is trying to create a sustainable source of income for their beneficiaries. The managed Investment Fund will be known and referred to as the ‘Lihirians Investment Fund’.
Minister for International Trade and Investment, Richard Maru, was impressed and acknowledged MRL Capital Ltd on behalf of the Marape-Rosso government.
“Over the years our funds have been managed by MRDC until the Lihir people through MRL Capital started to manage your own funds. From the records before me, your funds grew from K60million in 2008 and now to K700million in other words your funds have grown by 10 percent per annum now this is an outstanding record. I think you deserve to be given a license now!, said Minister Maru.
Mr Rausim and MRL Capital Board Chairman, Mark Soipang as a token of appreciation presented Mis necklaces to show their partner with the government to benefit the nation.