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Business |
POSF constructs 31 apartments
By BIBIAN BARRENG
PUBLIC Officers Superannuation Fund (POSF)
has commenced construction of 31 apartments on Touguba Hill to
provide long term investment returns.
POSF’s chairman Sir Nagora Bogan, when announcing a net operating
profit after tax of K154.8 million for last year, said this was
one of the major achievements last year.
Other achievements that were realised are:
*Strategic purchase of the Burns Haus Building in Port Moresby;
*Deeper international portfolio diversification of K147.5 million
to K259.7 million (2005: K112.2 million);
*Increase in membership of 7.7% to a total of 86,242 members;
*Formation of an alliance with Post PNG for member servicing;
*Installation of new information kiosk in Wewak, Kimbe, Kavieng,
Alotau and Goroka;
*16 private sector companies joined the Fund;
*Retirement Savings Accounts (RSA) increased from K0.9 million to
K7.1 million signifying an expansion of 18 to 218 member RSA
accounts. This would also come hand in hand with the introduction
of specialist Retirement Counselling Services;
*Launching of the 8-Mile Malolo housing project for the
construction of 250 houses for employers and their members; and
Negotiation of 10% equity funding of housing mortgage lending
conditions for POSF members with Bank South Pacific and Kina
Finance has also come into play.
“This marks another successful 2006 for POSF,” Sir Nagora said.
He also announced that POSF managing director Leon Buskens would
remain in office for another four-year term following his
reappointment by the fund’s board of directors.
“The reappointment of Mr Buskens is owed to the faith and
confidence of the board in him (Buskens) whereby he has had fine
support from a good team of staff.”
 
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