Fund: Wafi-Golpu news will likely create growth in Morobe

BY GLORIA BAUAI
NASFUND forecasts potential for growth in Morobe following the positive news regarding the Wafi-Golpu gold/copper project, says chief executive officer Ian Tarutia.
Tarutia said the Fund had direct shareholding in big companies with a total investment of more than K300 million in Morobe alone.
“Morobe is an important part of PNG’s economy as it is where all major overseas suppliers come through, and it is the gateway to the Highlands,” he said.
“Also, with Morobe Governor Luther Wenger now trying to accelerate the opening of Wafi-Golpu, it is a positive upside for Lae and the Fund as well in terms of our investment, membership growth and (job) opportunities.”
The fund has shares in Mainland Holding with 98 per cent, Amalpack with 33 per cent, 50 per cent in hillside garden apartments Panamax, 20 per cent in Honybrooks, plus the Pacific Balance Fund where Nasfund is the largest unit holder.
It also has shares in Trukai and Markham culverts.
“These companies through spin-offs will support the Wafi-Golpu project through their demanded service,” Tarutia said.
“For example, Mainland Holdings has the opportunity to ramp up production to supply food for the mine.”
Tarutia said when the PNG Liquified Natural Gas project concluded its construction phase and entered the operation mode, the Fund noticed a slow growth.
He said the Covid-19 further affected growth especially businesses in tourism, aviation and hospitality where the fund had investments in.
“But we’ve been stable even in these challenging times and able to deliver favourable financial results,” he said.
“The fund was able to earn good income from the rest of the portfolio to experience membership growth.
“We still paid which showed the strength of our balance sheet and the investment (strategy) adopted to ensure that we gave back to members.”