Nasfund Board Chairman, Charles Vee has clarified the facts surrounding the daily newspaper’s headline dated 30th March 2022 with reference to the acquisition of 50% share in State Owned Entity Telikom Limited.
He says Nasfund is undertaking an Independent Due Diligence exercise of the offer at this point in time to ensure it satisfies the investment objectives and investment criteria of the Fund and no formal offer has been given to the Vendor as yet.
He added that the focus of discussions and consultation to date are situated around the determination of a fair transaction value of the newly proposed merged Telikom and B-Mobile businesses.
Vee said discussion around equity participation and governance framework required by Nasfund to make the proposition attractive, shall not happen until the “Due Diligence” process is completed.
Independent findings of the due diligence alongside Nasfund’s Licensed Investment Manager and Nasfund’s Investment Committee and Board of Nasfund as required under the Prudential Standards from the Central Bank of Papua New Guinea is still work in progress.
Chairman Vee highlighted that the fund is pleased to engage in Nation Building and this proposal provides that opportunity for the fund to make a positive contribution as an Institutional Investor.
However, the Fund has a robust investment process to follow and unless and until the fund gets to the end of that process; the newspaper article does not fully represent the Fund’s interest and position to participate in the transaction.
Comments are closed.