By Meriba Tulo – EMTV News, Port Moresby
The National Executive Council has approved the establishment of a new State-Owned-Entity to hold interests in agricultural investments in the country.
Kumul Agriculture Limited, KAL, will now operate as a subsidiary of Kumul Consolidated Holdings.
According to State Investment Minister William Duma, assets to be transferred to KAL include National Plantation Management Agency Limited, Sepik Agro Industries Limited and Central Dairy Limited.
In announcing the establishment of KAL, NEC has also announced the Board of this new SOE.
The Board of Directors of KAL will serve for a three-year term.
Leslie Hoffman has been appointed Chairman of KAL, with Robert Bradshaw, Fanston Yaninen, Mark Worinu, David Nipuega, and David Fore also appointed as Board Members and Arthur Jones has been appointed as Managing Director.
These appointees will facilitate the establishment process of KAL.