NSL owns 65% shares in House of Assembly deal

Business, Main Stories

The National, Wednesday, May 4, 2011

NAMBAWAN Super Ltd (NSL) is the major shareholder with 65% in a joint venture with the Lamana Group that will construct a replica of the Old House of Assembly.
The building when completed will be transferred to the National Museum and Art Gallery as was approved and directed by the national executive Council in January 2007.
NSL chairman of Sir Nagora Bogan said the fund had a successful number of joint ventures with Lamana Group which had delivered positive returns and value.
 “NSL as a responsible corporate citizen is pleased to be part of a final win-win solution to rebuild a significant piece of our nation’s democratic history,” Bogan said.
He said there had been many attempts in the past that had not materialised for various reasons with failed attempts to achieve the objective though considerable funds were raised and assigned to the project.
Bogan said it had taken five years but at last there was action happening with clearance of the site with builders now mobilising on site to start work.
NSL has spent close to Kl million in land rent payments to the state and in getting the site ready for improvement.
He said the museum would be a historic place where PNG citizens and visitors could visit, reflect and “hopefully” be inspired.
“As a significant national project, the process will be inclusive and will involve consultations with all key stakeholders including the trustees and management of the National Museum for technical details in the internal reconstruction of the House,” he said.
NSL will be developing the rest of the land for commercial development.
The fund manager had taken the opportunity to be leading the project and acknowledged that it would be in PNG hands with its members benefiting both in the commercial terms and for restoring back a major part of the nation’s history.