Nasfund

Super Fund keeps COVID Controls

NSL announced this following a surge in recorded COVID-19 cases in Port Moresby, and other provinces,

NSL says over the past 12-months the Fund has implemented operational controls to help tenants, members and staff to stay ahead of the spread COVID-19.

CEO of Nambawan Super, Paul Sayer, said Covid-19 is a serious threat to the wellbeing of Papua New Guineans, and they must not be complacent.

nasfund appoints PNG'eans to investment role

Judah Waffi is formerly the funds Chief Investment Officer and has over 14 years’ experience in Investment Advisory, having worked with the Bank of Papua New Guinea, BSP Capital, PNG Ports, MRL and National Airports Corporation. Fiona Nelson is formerly the Vice President of Oil Search Asset Strategy and has with her over 15 years’ experience in financial economics, public policy, and portfolio management. She previously worked as Head of Investment, Portfolio Management with PacWealth Capital and as Portfolio Manager with Kumul Consolidated Holdings. Ms.

NASFUND accepts Link PNG offer

In a statement, NASFUND says the decision by the Board of Directors to accept the offer is a purely commercial decision and is in the best interest of the Fund and its members.

NASFUND holds 39.29% of the total shares on issue and is the largest institutional investor in PNG Air.

Since 2008 NASFUND has invested in PNG Air K76 million, comprising of K31 million in equity and K45 million as a loan provided to PNG Air as part of rescue packages given between 2016 and 2017 by the major shareholders.

PX clarifies PNG Air share buy proposal

Air Niugini CEO, Bruce Alabaster, assured that PNG Air will remain a separate corporate entity, maintain its own brand, and that there will not be any job losses.

Alabaster explained these following misconceptions that the proposal was a merger.

Air Niugini CEO, Bruce Alabaster, says the proposal to purchase 40% of NASFUNDs shareholding in PNG Air is just that, and there was no merger.

NASFUND unveils new logo

The rebranding was launched in Port Moresby last night.

18 years since its last rebranding, NASFUND unveiled a new look and tagline.

CEO, Ian Tarutia, highlighted the significance.

“The new logo signifies progress and change, and a desire to continuously improve. And I think more importantly it reflects the future of the fund and where we want it to be. And the tagline that it has, and Directors you chose it, its preparation for tomorrow, getting ready for tomorrow,” said Tarutia.

NASFUND congratulates BSP

The 2019 Full Year Results, announced to shareholders on May 22nd, includes a Net Profit After Tax of K890 million, and a final dividend payment of K0.96 bringing total 2019 dividends to K1.34 per share to shareholders. NASFUND owns 9.7% of the largest and fastest growing bank in the Pacific Region.

Commenting on these results, NASFUND Chairman Charles Vee commended BSP Chairman Sir Kostas Constantinou & the Board, Group CEO Robin Fleming, Management and Staff for delivering sterling results for the 2019 year, even in a sustained challenging environment.

Yauieb & Panao Join NASFUND Board

They are George Panao, and Anthony Yauieb.

Messrs Panao and Yauieb were recently appointed as independent directors to the NASFUND Board, replacing Directors Vera Raga and Graham Ainui who retired at the end of February and March respectively.

Financial assistance for super fund members

The proposed assistance was announced on Tuesday by the ASFs namely, National Superannuation Fund (NASFUND), Nambawan Super, Comrade Trustee Services (CTSL), and Aon Master Trust (AOM).

This follows consultation with Bank of PNG to support the Government’s announcement to enable financial assistance for affected members.

In a joint statement, the ASF’s announced the relief measure for members in the wake of the COVID-19 pandemic.

NASFUND steps up coronavirus protocols

Taking that into consideration, NASFUND has taken steps to protect the health, safety and well-being of its staff and community.

In a statement, Chief Executive Officer, Ian Tarutia, said: “Following guidance from local health officials and the World Health Organization (WHO), we have stepped up our coronavirus prevention protocols.  

“Regrettably, we have cancelled all regional conferences, shop floor presentations and activities requiring large gatherings. We have also cancelled all nonessential business travel outside of PNG.   

NASFUND & IPA sign MOU

The MOU was signed today by NASFUND CEO Ian Tarutia, and IPA Managing Director, Clarence Hoot.

NASFUND is the first private sector agency to sign an MOU with the IPA , that enables the Fund to have a permanent presence at the IPA’s registration Kiosk.

Through the MOU, both organizations will share relevant employer database information, that can be used to ensure that companies who register with IPA also sign-up to superannuation, for the benefit of their employees.

The MOU also allows NASFUND to share employer data through IPA offices throughout the country.