NIMAMAR Capital Limited (NCL), the business arm of the Nimamar LLG in Lihir, New Ireland continues to expand its investment in the New Guinea Islands region, specifically in Lihir and recently in Kavieng.
This is despite the challenges faced with the onslaught of the global pandemic- Covid-19 in the past 12 months.
NCL Chairman and also the Nimamar LLG manager Gabriel Tukas said it has not been an easy journey especially with the challenges they faced and continue to face especially in the region.
NCL is now four years old but is already generating returns in some of its investments so far. With NCL executive apartments and NCL Lodge in Kokopo and other investments in Lihir and Kavieng, the company anticipates generating additional revenue from 2021 and beyond.
The recent opening of the NCL apartments in Kokopo town, East New Britain is the second of the company’s investment and the largest in monetary value by far in ENB costing K5.6 million.
The four-in-one executive apartments (pictured above) target a specific market segment for accommodation in Kokopo that is not adequately catered for such as the executive business type tenants. Since its opening early this month, tenants have begun to move in.
NCL launched its first investment in 2019 which is the NCL Lodge at Takubar, Kokopo.
“We have recently expanded this facility to include recreational facilities at a cost of K700, 000. In total, we have made a total investment of K6.3 million in ENB within the last three years,” he said.
Mr Tukas said NCL’s investment in these high-rise apartments demonstrates their commitment and confidence to invest in ENB as a potential growing economic area in the Islands region.
With the extension of Kaveing airport, NCL is already developing plans to be an active player in the development of the hospitality and tourism sector in New Ireland.
“The tourism sector in NIP and ENB remains largely untapped and therefore presents an opportunity for NCL to become a strategic investment partner in a sector that has the potential to boost the economy of the NGI region,” Mr Tukas said.
“We are very aware of the current downturn in business activities arising from the effects of Covid-19. We know that it is very difficult to attract new investment funds into the country at this time.”
“We are privileged that NCL has a strategic advantage in this regard and that it is able to bring in new investment funds under the current benefit sharing arrangements between NRLLG, New Ireland provincial government and the National Government.”
He said NCL is mandated as trustee on behalf of NRLLG to invest royalties for investment purposes and secondly required to remit dividends it receives from its investments to NRLLG so that it can provide services to the people and projects for communities in Lihir.
Mr Tukas commended the current and former Nimamar LLGs presidents Stanley Tunut and Ambrose Silul for their tireless effort in establishing NCL and the release of 10% of the 30 % royalties from Lihir Gold Mine for investments that has made NCL today.
He said with the opening of NCL apartments, it demonstrates they are serious about investing for the future of the people of Lihir whilst at the same time ensuring that they are doing so in a responsible manner by conducting proper due diligence, ensuring good governance and accountability as core values of NCL in its investment mandate.
“Our mandate is to invest not only for the current generations but to create sustainable returns for NRLLG to continue to provide health, education services and economic opportunities for Lihirians beyond the closure of the mine.”