Superfund confident investment will yield returns

Business

THE National Superannuation Fund (Nasfund) is confident that its investment in the Loloata Island Resort outside Port Moresby will generate a good return.
Chief executive Ian Tarutia said the resort was reopened for business six months ago.
“We own 50 per cent of it. It’s now trading and it’s making its mark known in the hospitality and business conferencing space in Port Moresby,” he said.
“These kind of investments are always long-term. In terms of dividends, it’s got to make enough money to pay dividends from surpluses of profits they make.
“It was almost six months since it was opened. Still early days but we are confident that it will deliver the returns that we expect. That was why we made the decision in the first place to invest in it.”
The K120 million project is also owned by Lamana Development and the Solomon Islands National Provident Fund.
Fund chairman Charles Vee said it could take up to two years before any return was realised.
“The fund is a long-term investor. For a hotel, you need to be in business for at least two years before seeing any returns,” he said.
Nasfund has more than 580,000 members who are mainly workers in the private sector, government-owned corporations and statutory authorities.
Its primary purpose is to provide its members (or their beneficiaries) financial protection during retirement, redundancy, death or disability to work.

One thought on “Superfund confident investment will yield returns

  • Sometimes this sort of investment is risky and the amount of money invested in the business is the poor hard working Papua New Guineas savings, I hope it will return some dividends to the fund so we wait and see this long term investment decided by the Nasfund board.

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