House honors UMDA for its investments in NMI

The House of Representatives yesterday honored the United Micronesia Development Association for its investments in the Northern Marianas and in the rest of the Micronesian region.

“The Commonwealth and its people are grateful for UMDA’s business in the Commonwealth and urge UMDA to make further investments in the Commonwealth to stimulate and rehabilitate the economy,” the lawmakers said in a resolution presented to UMDA officials yesterday.

UMDA president and chief executive officer Russell K. Snow Jr., chairman Joe Lifoifoi, and directors Tony Ganngiyan, Eduardo Calvo, and Hiroyuki Saito were at hand to receive the resolution.

“We’re very honored indeed to get the resolution and we take it very importantly as part of our history here in the CNMI,” Snow said.

UMDA is a Saipan-based investment firm that invests in, owns and manages a portfolio of companies operating in the tourism, telecommunications, and airline industries.

The governments of the Federated States of Micronesia, the Republic of Palau, and the Northern Mariana Islands are among the long time shareholders of UMDA, which is owned by over 1,200 Micronesian shareholders.

Its most active investment at present is the Palms Resort Saipan, formerly Hotel Nikko Saipan. UMDA purchased the 313-room hotel from JAL earlier this year. The company is currently negotiating with a major international hotel management company to operate the hotel.

“It is our commitment to Saipan and Micronesia that we will develop a first class facility for tourists and also for local use. We’re committed to serving the local market and we are here for the long-term. We plan to improve the hotel to make it a fine attraction run by a very well known international company and at the same time, it will help create jobs in the CNMI,” Snow said.

UMDA was formed in the time of the Trust Territory of the Pacific Islands, when it purchased a shipping cooperative to transport copra from Micronesia to Japan and import food and materials to the island communities.

During the late 1960s, UMDA invested in Air Micronesia. The airline company later merged with Continental Airlines, creating Continental Micronesia in the late 1980s.

During the 1990s UMDA made tourism industry investments in Palau and other Micronesian locations.

In 1997, UMDA acquired Guam Cable TV and Saipan Cable TV, creating a unified cable television system in the Northern Marianas. UMDA sold the cable the cable television company after eight years.

In 2005, UMDA bought LaoLao Bay Golf Course on Saipan, then sold it in last year to Kumho Asiana, which had promised to improve the property and add flights to Saipan.