SINPF TO BUY SHARES IN PNG RESORT

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BY GEORGINA KEKEA

      The Solomon Islands National Provident Fund (SINPF) is considering investing in another partnership with Nasfund and Lamana through Loloata Island Resort Ltd in Papua New Guinea. With the success of the Heritage Hotel partnership (Nasfund 60 percent, Lamana 20 percent and SINPF 20 percent), the SINPF Board has positively considered this partnership.

      A statement from SINPF says the board will buy 15 percent shares for K12 million (about SBD30 million). The partnership will be as follows after the SINPF purchase. Nasfund 50 percent, Lamana 35 percent and SINPF 15 percent. 
     
     The SINPF is buying into the partnership when the facility is almost complete without having to wait out the risky construction phase of the new investment with strong business prospects from both local and international customers. 


Funds for the acquisition will be from cash dividends earned from our investment in Bank South Pacific Ltd placed with Banks in Port Moresby, PNG.

The resort formerly a dive shop opened in 1970 was redeveloped after it was purchased in 2015 by the company’s 2 current partners.

The modern mixed hotel and resort facility will be open for business in June 2019 and will offer 8 central hotel rooms, 35 standard hotel suites, 20 water front executive suites and 3 large 2 bedroom villas plus all necessary amenities.

ENDS///

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