Kumul Consolidated Holdings Chairman on New Structure

by Leanne Jorari – EM TV News, Port Moresby

At a function celebrating the country’s 40th independence, it was announced by the Kumul Consolidated Holdings, formerly IPBC, that the new corporation will be officially launched at a charity dinner on the 2nd of December.

This follows the September 2nd introduction of the IPBC/Kumul Consolidated Holdings Act.

The Act will make way for the formation of three entities: Kumul Petroleum Holdings; Kumul Mineral Holdings; and Kumul Consolidated Holdings, all responsible for the sovereign wealth of Papua New Guinea.

Through the Act, the Independent Public Business Corporation has been transformed into Kumul Consolidated Holdings and will effectively see the IPBC, which holds the portfolio of state-owned enterprises including Air Niugini, PNG Power and Telikom PNG, rebadged and reorganised.

According to Nerau, on the eve of the country’s 40th anniversary, the IPBC Act was amended to make it contemporary and relevant.

On to telecommunications, two major players in the sector, Telikom PNG and Bmobile Vodafone, both under the portfolio of KCH; will be amalgamated to form one body while Dataco, another infrastructure in their communication space will serve as their wholesale provider.

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