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Port Moresby
October 23, 2021
Business

IPB to deal with Vodafone Principal Company

TheIndependent Public Business Corporation said it will proceed with bringing in Vodafone; this time, dealing directly with its principal company inthe United Kingdom.

 

IPBe Managing Director, Wasantha Kumarasiri said IPBe has putthe money in BeMobile’s trust and talks with UK will follow soon.

Fiji National Provident Fund’s recent termination of its agreement to invest in BeMobile, has not stopped plans to bring Vodafone tPNG.

 

Mr  Kumarasiri said no proper reason or reasons were given, explaining why FNPF and Fiji Vodafone cancelledtheir part ofthe agreement.

 

IPBe, nowthe major shareholder in BeMobile with 85 per cent shares, received notice from FNPF on July 29th, 2013, withdrawing its commitmentobased on issues surroundingthe business plan that Fiji Vodafone was working on for BeMobile.

 

FNPF had initially agreed to invest 98 million US Dollars, which is about 226 millioPNG kina.

 

Mr Kumarasiri said IPBe was saddened overthe unfortunate decision by its partners. However, he said it has not prevented shareholders from carrying out an alternative plan.

 

IPBe has put in its share ofthe agreemento88 million US dollars in BeMobile’s trust.

 

Mr Kumarasiri said IPBe is awaiting feedback from its partner shareholders beforethe plan is formally implemented.

 

He addedthe invitation is open for any interested parties who would like to be part ofthe business project.

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