Written: 5 November 2021

Nambawan Super Limited Chairman, Mr Reg Monagi, responded to the National Executive Council’s push to privatise State Owned Entities (SOEs) through the superannuation industry.

The statement was issued following claims that the PNG Government is pursuing a reform agenda that includes the merger of the State’s telco assets and possible partial privatisation with majority ownership and board control to be passed onto the super funds.

Mr Monagi said NSL is a growing fund that is actively seeking good investment opportunities that will contribute to long-term returns for our members but clarified that all investments considered by the Fund follow strict regulatory frameworks.

“NSL is the Trustee of more than K8.5 billion in savings of everyday, hardworking Papua New Guineans and it is essential the Fund is prudent in its consideration of all possible investments,” Mr Monagi said.

“The Fund considers all investment opportunities on their own merits in consultation with our Licensed Investment Manager as required under the prudential standards and regulations.

“This process guides investment decisions and ensures opportunities for returns for our members are considered against the appropriate level of risk.
Monagi confirmed preliminary talks have been held regarding the State’s telco businesses on a non-committal basis.

“There are still a number of steps to be undertaken before NSL can make any commitments regarding SOEs, including the telcos,” he said.

“But it is pleasing generally to see the State’s willingness to allow the private sector to take majority control of some of those businesses.”
Nambawan Super is PNG’s largest superannuation fund with more than K8.5 billion in funds under management for more than 200,000 members of the private, public and informal sectors.

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