Nambawan boasts K6.4bil worth of investments

Business

By JIMMY KALEBE
Nambawan Super now has K6.4 billion worth of investments in both Papua New Guinea and overseas, says chairman Anthony Smare.
He told contributors from public and private sectors in Lae yesterday that Nambawn Super was currently investing in properties and creating new investments in anticipation of the country’s economy regaining its strength.
Smare said despite the country’s economic downturn, Nambawan Super was still delivering eight to nine per cent returns per annum. “In 2017, Nambawan Super made a profit of K406 million,” Smare said. “In the last five years, it generated K1.75 billion.
“We not only invest in the country, but are able to look for opportunities to invest overseas and make sure we get good returns for you.”
Nambawan Super currently has 174,000 members nationwide and is still growing with members coming from the private sector as well.
Smare announced that membership from the private sector was growing by 30 per cent – “a very positive thing for the fund and its members. In the last three months, K35 million has been paid into Nambawan Super by the State and the money is being used to settle some of the 6000 members who have retired from March 2016 to date”.
Smare said 800 members who had retired would be paid out.
“Nambawan Super will continue to invest in order to generate the returns that will go towards supporting its members,” he said.
Smare said some members who retired were not paid out because State was late in paying out its contributions.

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