-- Sees Lux Water Bottling Company As First Target
The Board of Directors of the Lux Investment Corporation, the investment arm of the University of Liberia (UL), says steady progress is being made in the direction of the University’s resource mobilization and sustainability efforts as the institution work very hard to ensure that the Lux Fountain becomes the first subsidiary that will be kicked off.
UL President Dr. Julius Nelson, Jr., told the Hour on Lux FM that Lux Investment Corporation has received a proposal from its interested partner in Ghana and the Board reviewed the nitty-gritty of the proposal during Lux Fountain’s first meeting since its establishment.
Dr. Nelson disclosed that the Board reviewed the pros and cons of the proposal and was authorizing the Acting General Manager and his team to look into other possibilities, while also using the meeting as an opportunity to receive a report from the Acting General Manager on activities that have been carried out so far.
“On Friday [October 8, 2021] we had a meeting of the Board of Directors of the Lux Investment Corporation, reviewing a proposal concerning the water bottling Lux Fountain and having some discussions,” Dr. Nelson said.
Plans to establish as subsidiaries, Lux Water Bottling Company or Lux Fountain, Lux Insurance Company, Lux Filling Station, and Lux Printing Press are part of key business investment targets of the University of Liberia in an effort to help reduce its dependence on the government for resources.
Dr. Nelson noted that progress is being made steadily in the direction of the University’s resource mobilization and sustainability efforts. In addition to the water company, Dr. Nelson detailed that a proposal has been developed for an insurance company, and the University is also working towards other subsidiaries which include the Lux Printing Press and Lux Filling Station.
He said the first two subsidiaries that are being targeted now are the Lux Fountain and Lux Insurance, saying the University has developed proposals for them and it is trying to mobilize the appropriate resources to get them going.
The UL President disclosed that there is light at the end of the tunnel, explaining about some continuing discussions with some friends in the Liberian Senate, the House of Representatives, and the Ministry of Finance. He said those discussions focused on the new budget to see how there can be some seed money placed in it that will lead to the development of the Fendall University Smart City and the Lux Investment Corporation.
Besides those discussions, Dr. Nelson indicated also that there are other people who are interested in doing different partnerships with the University of Liberia, announcing that there is another proposal from the United States about trying to put forward a water bottling company at the University.
“And so those discussions will continue to happen and at the appropriate time when things are concluded, we will inform you. So don’t be in a hurry. At the appropriate time we will inform you when we made a major progress, or about to launch some opportunities for investment and sustainability at the University of Liberia,” he noted.
Dr. Nelson stated that the University is working very hard to ensure that the Lux Fountain becomes the first subsidiary that will be kicked off, saying the first things done were to have its Board of Directors in place and to also have a small team of managers in place.
He said the next thing is about finalizing discussions about the resources, noting that the University being the parent of Lux Fountain, has given some resources for starting Lux Investment.