Nambawan Super Limited (NSL) this week congratulated Paradise Foods Limited (PFL), on its 90th anniversary.
Mr. Reginald Monagi, Chairman of NSL remarked, “On behalf of the Board, Management, Staff, and Members of the Fund, we would like to congratulate Paradise Foods Limited on their achievement of this significant milestone.”
“We are pleased to have been part of Paradise Food’s journey since 2007 when NSL took an 80% shareholding from Arnott’s Biscuits who had previously bought and merged Morobe Bakery and Paradise Bakeries. They then renamed their company to Paradise Foods Limited.”
“Over the years, NSL has supported the growth and transformation of Laga and Paradise Foods to become the largest 100% PNG owned food manufacturer in the country,” Mr. Monagi added.
In 2018, Paradise Company Limited (PCL) purchased Laga Industries Ltd. (manufacturer of PNG’s favorite Gala ice cream & Tropical Oasis water) from Steamships Ltd. At this time NSL increased their shareholding to 91% and in 2021 bought the remaining 9% shareholding from a minority shareholder, in turn making PCL (the parent company of Laga and PFL) 100% owned by NSL.
Mr. Paul Sayer, CEO of Nambawan Super Limited, in his congratulatory remarks, said, “The 90th anniversary of PFL is a significant achievement. A reflection of the high quality and caliber of the past and present Board, management and staff that have worked hard to contribute to the delivery of strong returns to our 220,000 Members, who are the proud owners of PFL through NSL.
Together, we support our country’s economic progress by supporting and investing in companies, building infrastructure, creating jobs, upskilling our employees, and feeding the people of this nation.”
“PFL’s popular brands and high quality products have become household names across the nation and throughout generations of Papua New Guineans. As we celebrate this milestone with PFL, let us continue to support our local companies by buying locally manufactured products.”
“Remember, when you purchase a Paradise Foods product, you are not just supporting and feeding your family, you are keeping a fellow Papua New Guinean employed while growing your retirement savings as Members of the Fund,” he added.
NSL Member’s funds are invested in PNG owned brands such as BSP, Paradise Foods, Queen Emma Chocolate, Gala Ice Cream, and SP Brewery.