Nambawan Super Limited (NSL) in announcing the fund’s financial results for 2023, remains cautiously optimistic for the future.
Chairman, Reginald Monagi says NCSL recognizes the volatile local and global environments the country is operating in today and the many challenges that lie ahead.
“We will remain vigilant as we deliver on our primary goal of protecting and growing our member’s retirement savings, while we work to support and help PNG’s economy,” said Monagi.
He stated that NSL will do this by continuing to look for investment opportunities in the country, as they have demonstrated with the Rangeview Precinct and Moki Business Park. The construction of Rangeview Precinct and the commissioning and construction of Moki Business Park were delivered amid the COVID-19 period, at a time when the country’s economy was repressed.
Rangeview represents an investment of K290 million whilst Moki has an investment of K129 million.
“The fund had the courage to make these significant investments at a time when others refrained from taking the risk, injecting much-needed capital into the local economy, creating employment for thousands of Papua New Guineans and keeping families fed,” Monagi emphasized.
NSL will work to ensure to protect the interests of the members. A point stressed by Monagi when delivering the 2023 financial results. The two matters NSL will pursue for members include the K150 million dispute due to a long drawn-out matter involving China Railway Construction Engineering (PNG) Limited, around the construction of the Old Parliament House precinct; and the 9-mile land development project, which will provide thousands of jobs, housing opportunities and infrastructure improvement.
Monagi assured, saying, “We will also continue to use our position as an industry leader to influence policy reforms that benefit all Papua New Guineans, as well as reforms to tax on superannuation. We will continue to advocate for the repealing of harmful levies that adversely affect the investments we rely on to deliver returns for our members, such as the unfair corporate banking tax.”
“The fund will continue to focus on delivering its mandate which is to protect and grow our members' assets and superannuation savings to be used for the sole benefit of our member's retirement, and not for any other purpose.”