NSL predicts challenges

Business, Normal
Source:

The National, Tuesday November 24th, 2015

 By SHIRLEY MAULUDU

 

 

 

NAMBAWAN Super Limited predicts a challenging time for its investment portfolio during the rest of the year and into 2016.

Chief executive officer Garry Tunstall said the entity’s investments would be affected given Government’s prediction in the 2016 Budget that the Gross Domestic Product would decrease next year. “We are facing tough times since the PNG LNG (US$19 billion project) has wound down, and the national economy is winding back a bit,” Tunstall told The National. 

“We are seeing the same strains on the economy as the Government and other entities. 

“It’s a lot tougher to make money for the members. We have investments in large listed companies like Oil Search and organisations including Brian Bell. 

“We’ve got investments in BSP – they are listed investments.

“And a lot of those share prices are coming off as opposed to going up. 

“I think that is the consequence of tougher times in the PNG economy.  As we all know, the Government is struggling to find funds to meet its commitments and they are trying to raise funds offshore and balance their budget and make sure that the budgetary needs are met. 

“Similarly, we are finding that we are not getting the money that we should be getting for members.”

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