Nasfund puts K300mil in Lae

Business

By PISAI GUMAR
THE National Superannuation Fund (Nasfund) Ltd has a total investment value of K300 million in Lae which represents 7 per cent of the fund’s value, says board chairman Hulala Tokome.
Tokome said Lae and Morobe accommodated the second largest membership base with over 300 employers and 40,000 memberships (10 per cent of total Nasfund membership. “Lae, Morobe on the scale of investments value is important to Nasfund Ltd,” he told the Lae business community during a function after the board meeting in Lae on Thursday.
On the investments scale value, Amalpack Ltd is worth K10 million, Hornibrooks K18 million, Zenag K20 million and Mainland Holdings Ltd K200 million including properties.
Tokome said the board, as custodians of the fund, made a decision last year to change fund administrators from Aon to Kina.
The move is meant to deliver the aspirations of the board members to ensure innovative and efficient services to satisfy its memberships.
“We have overcome 90 per cent of transitional issues and are working with Kina to address the remaining 10 per cent and we are confident will be resolved before the year ends,” Tokome said.
“Efficient, effective and innovative member services will always be our priority.”
Tokome said one of the aims was looking closely at underperforming investments with the objective of improving returns by way of dividend stream and valuation increase.
He said we are working with investment partners to review the business model and strategic direction of respective investments.
“Recently, the board reviewed the investment guidelines or asset allocation strategy to simplify the way we should be considering investment proposals while ensuring we are achieving the return benchmark we expect from overall portfolio,” Tokome said.
“The board also approved a new five-year plan 2019-2023 which will be implemented next year.”

Leave a Reply