The Micro, Small and Medium Enterprises Council is backing Lava Girl Label in its legal battle on copyright infringement allegations against Tropicana.

MSME Council President, Desmond Yaninen presented a cash donation of K5,000 that will be used as legal fees.

Mr. Yaninen said due to the lack of knowledge on copyright laws surrounding intellectual property, many MSME are prone to exploitations by larger organizations and companies.

“There needs to be greater awareness on how MSMEs’ can protect their intellectual property,” said Yaninen.

Lava Girl Creative Director, Annette Sete who also owns Maku Gift Shop received the cheque donation in Port Moresby wearing one of her designs.

Ms Sete is fighting a unique legal battle where the allegation stems from alleged theft of intellectual property of Lava Girl’s Tabu Wheel Design.

She said a precedence must be set so other Papua New Guineans will use this case to fight their own battles.

“It would be a success to take on the case and learn from it so other business owners are educated in this important area as well,” said Ms Sete.

The Lava Girl Label was also engaged in a similar battle with a designer in Lae and sorted the matter out of court.

City Pharmacy Group (CPL) has announced a K23million trading profit.

In a statement, CPL said the Group declares a full and final dividend of 4toea per share after recognizing a K23m trading profit.

This they said is a 15% increase in comparison to 2020, despite increased competition, substantial surges in the cost of purchases, freight costs and Covid-19.

Total Group sales were 0.3% lower than 2020, yet the business was able to exceed the prior year’s trading profit whilst maintaining the net gross profit margin in line with 2020.

From its subsidiaries, key brands City Pharmacy generated 12.3% revenue growth compared to 2020 and Hardware Haus successfully attained a 4.2% increase in revenue.

Supermarket brand, Stop & Shop reflected a decline in sales but continues to be the preferred shopping destination in Port Moresby.

Chairman of CPL Group, Stan Joyce said the Board remains confident that despite the operational challenges and future growth prospects, CPL Group remains positive and will continue to promote opportunities for sustainable business in our day to say operations and advocacy through the CPL Foundation.

Key highlights from 2021’s challenging year saw Mr Navin Raju promoted as Group CEO taking over from Sir Mahesh Patel.

Joyce said CPL Group brands will continue to be the preferred shopping destination by delivering, outstanding value and exceptional customer service for our communities, customers, suppliers, and team members and will keep focused on ensuring shareholder value as we venture into the next 12 months.

Sixty-two participants in Talasea District have completed a SME training in West New Britain.

The training was facilitated by Small to Medium Enterprises Corporation in partnership with Buvusi AOG Church.

Speaking during the closing SMEC Managing Director Petrus Ralda said the training is necessary for people to start or improve their business. He said people cannot continue to depend on Government systems to improve their livelihood.

“We are blessed with many opportunities but yet we do not make wise decisions”, said MD Ralda. He said the training is designed to evolve in this challenging business environment. Mr. Ralda echoed concerns of cultural obligations as a key factor in many businesses drowning.

“We can change this”, said Ralda. He urged participants to take initiative and be creative and innovative following this training.

“Discipline in business is very important for any individual to startup a business”, said MD Ralda.

The SME training was conducted in Kaibo outside Kimbe Town and other at Buvusi. 20 participants attended at Kaibo while 42 at Buvusi.

Late last year West New Britain did a ground breaking ceremony for a SME Incubation Centre to be built in Kimbe. This would see interested individuals to seek help to broaden their business or how to start a business.

The Incubation Centre is expected to be completed this year and opened for business.

SMEC also signed an agreement with the West New Britain Provincial under the Commerce Department.

Nasfund Board Chairman, Charles Vee has clarified the facts surrounding the daily newspaper’s headline dated 30th March 2022 with reference to the acquisition of 50% share in State Owned Entity Telikom Limited.

He says Nasfund is undertaking an Independent Due Diligence exercise of the offer at this point in time to ensure it satisfies the investment objectives and investment criteria of the Fund and no formal offer has been given to the Vendor as yet.

He added that the focus of discussions and consultation to date are situated around the determination of a fair transaction value of the newly proposed merged Telikom and B-Mobile businesses.

Vee said discussion around equity participation and governance framework required by Nasfund to make the proposition attractive, shall not happen until the “Due Diligence” process is completed.

Independent findings of the due diligence alongside Nasfund’s Licensed Investment Manager and Nasfund’s Investment Committee and Board of Nasfund as required under the Prudential Standards from the Central Bank of Papua New Guinea is still work in progress.

Chairman Vee highlighted that the fund is pleased to engage in Nation Building and this proposal provides that opportunity for the fund to make a positive contribution as an Institutional Investor.

However, the Fund has a robust investment process to follow and unless and until the fund gets to the end of that process; the newspaper article does not fully represent the Fund’s interest and position to participate in the transaction.

Members of Papua New Guinea’s leading superannuation fund, NasFund, will be pleased to receive an interest of 6.5% on their superannuation savings this weekend.

The superfund announced its audited results for the year 2021 on Thursday (March 10), stating a Net Asset Value of K5.9billion and a Net Profit of K363million by December 31, 2021.

NasFund Chairman, Charles Vee said the superfund demonstrated strong resilience under current economic circumstances to attain positive results.

Over this coming weekend, the superfund will be allocating K363million into 623,000 member accounts.

Vee expressed satisfaction in informing NasFund members that the fund continued to meet investment targets of achieving returns above CPI over a rolling five year period, which on average is 5.7% compared to CPI average of 4.7% over the same time. Adding, that over the last 5 years, NasFund had paid K2.3billion in superannuation entitlements to members.

Some of the fund’s main highlights for the year 2021 include:

· Cash income of K423 million compared to budget of K407 million.

· Valuation income of K72 million against loss of K58 million in 2020.

· Expenses of K64.5 million compared to budget of K72 million.

· Net profit after tax of K363.3 million.

· Total Assets of K6.03 billion.

· Net Assets of K5.94 billion.

· Employer receipts of K589 million compared to K574 million received in 2020.

· Increase in member withdrawals of K586 million compared to K469 million paid in 2020.

· 52, 625 new members registered resulting in a 3% increase in total membership to 622,938 members.

· 137 new employers registered resulting in a 4.8% increase in total employer base to 2700 employers.

· 961 shop floor presentations compared to 240 conducted in 2020.

· 80% vaccinated workforce.

· Successful retention of two employers after issuance of a Sect 85 transfer notice initiated by another fund.

· Opening of a service center in Maprik, East Sepik Province.

· Opening of a service center in Porgera, Enga Province.

· Participation in the Superannuation and Life Insurance Review workshops conducted throughout the country by Bank of PNG.

· Increase in targeted economic sector engagements through MOUs with specific Special Economic Zone sectors and identified provincial governments.

· Launch of Cellmoni in partnership with Digicel for convenient contribution by members.

Vee said the fund will continue to enhance member services while seeking opportunities to grow membership and new investments.

He added that member accounts increase over a longer period of time through the effect of compound interest and a dedication to investing in assets provide secure long-term returns.