Fund to consider State’s bid

THERE are some steps to be taken before Nambawan Super makes any commitment regarding the Government’s move on reforming State-owned entities (SOE), an executive says.
Nambawan Super chairman Reg Monagi said this following the National Executive Council’s push to privatise SOEs through the superannuation industry.
The Government was pursuing a reform agenda that included merger of the State’s telecommunication assets and possible partial privatisation with majority ownership and board control to be passed onto the superfunds.
Monagi said NSL, a growing fund, was actively seeking good investment opportunities that would contribute to long-term returns for its members but clarified that all investments considered by the fund followed strict regulatory frameworks.
“NSL is the trustee of more than K8.5 billion in savings of everyday, hardworking Papua New Guineans and it is essential the fund is prudent in its consideration of all possible investments,” he said.
“The fund considers all investment opportunities on their own merits in consultation with our licensed investment manager as required under the prudential standards and regulations.
“This process guides investment decisions and ensures opportunities for returns for our members are considered against the appropriate level of risk.”
Monagi said preliminary talks had been held regarding the State’s telco businesses on a non-committal basis.
“There are still a number of steps to be undertaken before NSL can make any commitments regarding SOEs, including the telcos.
“But it is pleasing generally to see the State’s willingness to allow the private sector to take majority control of some of those businesses.”
Nambawan Super is managing more than K8.5 billion in funds for more than 200,000 members in the private and public sector.