By Moneth G. Deposa
Variety News Staff

THE management of United Micronesia Development Association Inc. yesterday said despite the decision to sell Laolao Golf Course in Kagman, UMDA remains committed to doing business in the CNMI.
Russell Snow, the company’s president and chief executive officer, said the decision to sell the Laolao to the Kumho Asiana Group was made because it was a “unique opportunity for UMDA to help the CNMI revive its economy.”
“UMDA has been the very proud owner and operator of the Laolao Bay Golf Resort,” Snow said in an interview yesterday. “We have made a number of improvements over the last 24 months and even in our relatively short period of ownership many different groups approached UMDA about acquiring the resort. However, we were not interested in any of the proposals until the Kumho Asiana Group offer,” Snow said, adding that “Asiana Group is so committed to Saipan that selling Laolao to them will create a win-win situation.”
He said the commonwealth will benefit tremendously from the new Asiana flights and, in turn, Asiana will benefit from owning “the premiere golf course in the Western Pacific.”
UMDA, for its part, will benefit by producing a nice return for its shareholders, Snow said.
“Kumho is going to make a big capital investment on Saipan and this will create an impact on CNMI economy. More construction, and more jobs and construction products will be coming to the island and this will help improve the economy. This is besides the impact of new flights on the tourism industry…this is a unique opportunity that other potential buyers could not have provided to the CNMI,” Snow said.
He said although the contract signing took place on Feb. 28, UMDA has until March 31 to formally turn the golf course over to the new owner.
On Wednesday, Snow said UMDA elected a new set of officers during a special meeting at the Hyatt Regency: former Speaker Jose R. Lifoifoi was named chairman; Clarence T. Tenorio of J.C. Tenorio Enterprises Inc., vice chairman; Tony Ganngiyan of the Yap Cooperative Association, treasurer; and Winnie Lee, secretary.
Two new appointments were made by the board: Snow as president and CEO, and Hiroyuki Saito as director of asset management and chief financial officer.
Snow has been on the board since 1998 and has served as chairman of UMDA’s investment committee which negotiated the recent agreement with Kumho Holdings for the sale of the Laolao Bay Golf Course.
Saito has held numerous senior positions with the Shimizu Corp. He joined UMDA as president of Laolao Golf Course in April 2005.
“Our plan is to continue investing in Micronesia,” Snow said. “We always believe in investing in the CNMI…through buying new businesses, properties, or projects.”
Lifoifoi and Snow said UMDA is now looking for new investments in the CNMI.
“We are looking now at various investment opportunities here, in Palau, Yap and all over Micronesia. UMDA is ready to invest millions of dollars,” Snow said, adding that at present the company owns Island Apparel on Saipan and has joint ventures with smaller tourism-related companies in the commonwealth.