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Nov 03, 2011 (LBO) - Sri Lanka's Employee's Provident Fund, a pension fund of private citizens managed by the state has said equity investments are necessary following rising concern from critics about recent questionable investments.
The central bank said with interest rates likely to be low in the future the EPF had to diversify as government securities would no longer pay high returns.
"Therefore, the need to diversify the EPF investment portfolio has been considered important, while maintaining the overall safety and stability of the Fund," the EPF department of Sri Lanka's central bank said in a statement.
The EPF insisted that investments had been made in listed and unlisted firms based on the "intrinsic value of the company, its growth prospects, the possible enhancement of share value in the medium to long-term, its governing structures, the viability and prospects of the industry, the quantity of shares available, the future plans, the impact of the growing economy on the company."
Other than a smaller trading portfolio, which has also made capital gains "of several hundred million rupees" the EPF said stock has been bought for the medium to long term.
http://www.lbo.lk/fullstory.php?nid=393023643
The central bank said with interest rates likely to be low in the future the EPF had to diversify as government securities would no longer pay high returns.
"Therefore, the need to diversify the EPF investment portfolio has been considered important, while maintaining the overall safety and stability of the Fund," the EPF department of Sri Lanka's central bank said in a statement.
The EPF insisted that investments had been made in listed and unlisted firms based on the "intrinsic value of the company, its growth prospects, the possible enhancement of share value in the medium to long-term, its governing structures, the viability and prospects of the industry, the quantity of shares available, the future plans, the impact of the growing economy on the company."
Other than a smaller trading portfolio, which has also made capital gains "of several hundred million rupees" the EPF said stock has been bought for the medium to long term.
http://www.lbo.lk/fullstory.php?nid=393023643
