Morobe govt eyes deal with Nasfund

THE Morobe government will sign a memorandum of understanding with the National Superannuation Fund (Nasfund) to have shares of Mainland Holdings returned to the people.
Governor Ginson Saonu said Mainland Holdings belonged to the people of Morobe but had been mismanaged with only 1 per cent held by the people.
“The bigger share (99 per cent) is owned by Nasfund so some of the shares must return to the people as this business belongs to the people of Morobe,” he said.
“The Morobe government will sit with Nasfund to look at avenues to sort out Mainland Holdings as the company was started by our forefathers, fathers, and uncles contributing 50toea and K1 to build Mainland Holdings up.”
Saonu said the company needed to be managed better.
“When the company was about to break down, Nasfund stepped in and many of the shareholders were detached leaving only 1 per cent of shares with Nasfund owning 99 per cent,” he said.
“We see that Mainland Holdings will go into liquidation so had to liaise with Nasfund for a discussion.”