Business News

NASFUND Announces Member Windfall

Superannuation and retirement fund organization Nasfund announced a 6.3 percent interest in dividends to be credited to its member’s accounts for the 2019 financial year.

CEO Ian Tarutia says the value of having members contribute will benefit them in the long run.

Nasfunds announcement of a massive 6.3% in interest for its contributing members will be a boost amidst the tough economic climate being faced by Papua New Guineans.

These sentiments were expressed by Chief Executive Officer Ian Tarutia when making this announcement this afternoon.

The total value of that equating to over K310m, allocated to 584 thousand member accounts.

Tarutia also highlighting, that member savings in the fund have increased significantly over a long period of time, and that financial security was an important aspect that the organization is looking to promote.

The data from NASFUND’S 2019 year shows a 10% growth of its Gross Asset Value, rising from K4.84b in 2018, to K5.32b last year.

With an increase in cash income from K330m to K381m in that same time frame.

Other projects that have brought back dividends include the consolidated ownership of the Port Moresby Harbour city precinct and the Loloata Private Island Resort, which is 50% owned by NASFUND.

NASFUND Chief financial officer Rajeev Sharma said, their expenses, have been below budget, placing the organization in a very strong financial position.

Tarutia taking into account the importance of contributions, saying that there are also legal ramifications for companies and businesses not paying their staff benefits.

For chairman Charles Vee, the announcement by NASFUND emphasises growth, and the results released show that 332 of its members have savings above 500, 000, while 72 have over a million kina in their superannuation accounts.

Growth for the company has also come from members in both tourism and hospitality industries as well as security. Growth for the company has also come from members in both tourism and hospitality industries as well as security.

Going forward, NASFUND will also be looking at investment in a number of sectors,that include Agriculture, fisheries and the retail industry.

By Jeremy Mogi, EMTV News, Port Moresby

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