30.7 C
Port Moresby
October 25, 2021
Business News

IPBC becomes Major Shareholder in Bmobile

At close of business yesterday,theIndependent Public Business Corporation will completethe first stage of capitalization of state mobile company, Bemobile.


IPBe Managing Director, Wasantha Kumarasiri, says uponthe completion ofthe share subscription, IPBe will become an 85% shareholder of Bemobile, having invested 88.2 million US dollars as additional funding to recapitalizethe company.

Whilst thanking outgoing Chairman ofthethe Beard, Syd Yates, and Director David Cox for their contribution to managingthe company, Minister for Public Enterprises and StateInvestments, Ben Micah, was optimistic of future expansion plans.


Mr Micah told EMTV, thatthese plans include taking Bemobile public withinthe next two years, and opening up share interest to businesses in botPNG andthe Solomon Islands.


If seen through to fruition, this would make Bemobilethe first State Owned Enterprise to open up to public ownership.


Now, state investment is increased from 47.1% to 85% making Bemobile a majoritPNG owned company.


A network stabilization plan, and adequate resourcing ofthe business should see improverd service in coming weeks.


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