Nambawan Super Limited (NSL)

Little has been forthcoming from the State in addressing this, despite having an agreement it must fulfill.

Therefore, the NSL is once again calling for an immediate action by the State to fulfill its obligations to prevent further losses to its members and support the nation's economic growth.

“NSL has actively engaged with various levels of the State throughout the first two quarters of this year, but progress in resolving the outstanding rentals has been minimal,” said NSL chief executive officer, Paul Sayer.

This outstanding rental bill comprised of K50 million accrued in 2023, and K58 million outstanding from several years prior to 2023.

NSL is seeking payment of its outstanding rental arrears after the State failed to make scheduled payments for the months of February, March, April, May and June, 2023.

Last year, NSL and the State reached an agreement whereby the State would settle the remaining balance of its rental arrears in K10 million monthly instalments.

As Papua New Guinea played host to the PITA Forum for the first time, this gathering served as a prime platform for major telecommunications providers and industry leaders to delve into the promising prospects emerging in the dynamic telecommunications landscape.

NSL, one of the leading financial institutions in Papua New Guinea, recognized the importance of staying connected with its members across the country through its 22 branches.

A significant drop in returns for the super fund given that in 2021 NSL declared a net profit of K526 million and credited member accounts with a 6.5 per cent interest.

At the announcement, NSL Chief Executive Officer Paul Sayer highlighted the fund’s positive valuation gains.

“This positive result can be attributed to good valuation gains made by the likes of SP Brewery, OPH, Kumul hotels and Paradise Foods. These gains however, were largely offset by unrealized valuation losses from other investments such as things like our Rangeview and Moki Industries.

Despite several economic challenges, the fund delivered positive results for members, including a net asset value of K8.99 billion, a K144 million net profit, and interest credited to member accounts of 1.6 percent.

The fund also saw an increase in total contributions, a record high of K1 billion in member payouts, and an increase in fund membership to 220,410 members.

The event set from March 27^th- 31^st, will bring together heads of superannuation funds from across the Pacific region to discuss issues of common interest, providing a forum for dialogue, support for the educational needs of member organisations, and promotion of investment and co-investment opportunities.

NSL recently held its first major stakeholder engagement with PNG Power Limited (PPL).

As one of PNG's largest state-owned enterprises with over 1,800 staff across the country, most PPL staff do not have the time to visit an NSL branch to update their information or check on their super.

Chief Execuitve Officer, Paul Sayer said that NSL has been working closely with the Government Office Allocation Committee (GOAC) to finalize the tenancy agreement and prepare the facilities to welcome these new tenants.

In anticipation of the move, the NSL team has been ensuring that everything is in place to provide the best services to the people of PNG.

Sayer expressed gratitude to the State for supporting this PNG-owned investment property and for committing to continue their tenancy.

Head of the Pacific Foam Limited Branch, Uttam Tripathi said that the Nambawan Super Members, with Membership ID cards, can now enjoy an amazing 30 percent off on listed items purchased directly from the PFL POM.

“We are happy to be partnering with NSL for the benefit of Nambawan Super Members who can now enjoy our high quality products at very affordable rates,” said Mr Tripathi.

He further added, “With 30 percent off all listed prices on all products, Nambawan Super Members can find comfort in Pacific Foam’s mattresses, furniture, furnishings and beddings.”

Atlas Steel PNG is part of the Kenmore Group. The Partnership will see Members of the Fund receiving up to 10 percent in discounts on selected products at Atlas Steel branches across PNG.

Atlas Steel Branch Manager, Peter Browne said, “We are pleased to be renewing this Partnership with NSL so that the 214,000 Nambawan Super Members can have an extra bit of support when purchasing their dream home now and enjoy long into the future.”