Savings society posts K30 million in assets

Business, Normal

The National, Wednesday July 24th, 2013


THE PNG Power Staff Savings and Loans Society (PPSSLS) has a total asset value of K30 million which includes its capital and infrastructure, chairman Chris Bais said.

He said this when the society celebrated its 25th anniversary in Port Moresby last Saturday.

Bais said:“the asset value of the PPSSLS has increased significantly from the K100, 000 capital PNG Power Ltd lent to us and we repaid in just two months. The society now has an asset value of K30 million (both asset and infrastructure)”. 

The society was established in 1988 with the aim to provide financial assistance through loans for the PNG Elcom staff then (now PNG Power Ltd).

Bais, who is one of founding directors said, “From the 1750 employees of PNG Power nationwide, 1200 are registered members of the PPSSLS. 

“The number could have increased if the society was opened to others. However PPSSLS is only for PNG Power Ltd (PPL) staff.

PNG Power Ltd acting chief executive officer John Tangit commended PPSSLS for its fruitful progress in the last 25 years.

He said PPL was fortunate to have an institution that addresses financial needs of its direct employees.

“PNG Power Ltd would not have survived without the society. I thank the previous management who were behind the society … they know the business and financial it will give to the staff.

To mark the event, the society launched its new logo on Saturday.