Following the recent public outcry over the proposed Motor vehicle insurance Limited share sale to Bank South Pacific as approved by the National Executive Council of the Marape Rosso Government, minister for State ENTERPRISES, Hon William Duma has Assured the country that no
sale has taken place.
Minister Duma said In one of the dailys reported today claiming conclusion of the transaction is simply not true. No sale has been concluded, and the shares have not been sold to
overseas interest as it implied.
He pointed out that at no time he has been interviewed by the reporter and is surprised to see such statement. He emphasized that any sale process will have top meet stringent process as regulated by the PNG Xadn ASX as BSP is listed public company.
He said in an event when the sale takes place all proceeds will accurate to the shareholder, Kumull Consolidated Holdings which will be utilized for the GBT. None of the process will accurate to the government as SOEs are trading companies that unlike other state entities do not receive rents. SOE
carry the county’s core business infrastructure and have to trade on their balance sheet.
Minister further said all SOEs now pay dividends to the state annually without fail since 2022 following internally driven reforms and balance sheet restructuring. KCH paid a total of K77million in 2023 and is set to pay for 2024.
He said this record is imperative given record of KCH payment made in 2015 from borrowed money. Minister reassured that there is nothing of any sale shares has taken place
