By Delly Waigeno – EM TV News, Port Moresby
Governor General, Grand Chief Sir Michael Ogio, today executed on behalf of the State, the transfer of the Kumul Petroleum Trust Deed to Kumul Petroleum Share Trust.
There to sign the instruments on behalf of the company this morning were Kumul Petroleum Holdings Deputy Chairman, Larry Andagali, General Manager, Ian Marru, and Legal Manager and Company Secretary, Rogen Wato.
The signing concludes the Kumul Legislation process. Arrangements are now in place to establish the Kumul Petroleum Share Trust.
The establishment of the Kumul Petroleum Share Trust is pursuant to the Kumul Petroleum Holdings Limited Authorisation Act 2015, for the transfer by Kumul Consolidated Holdings (formerly Independent Public Business Corporation) of all issued shares in Kumul Petroleum Holdings to the Kumul Petroleum Trustee.
The person holding the Office of the Prime Minister is Trustee.
The execution of the Trust Deeds between the State (as settler and beneficiary), the Prime Minister of PNG (as Trustee) and Kumul Petroleum Holdings, formerly National Petroleum Company PNG, marks the final registration process of the Trust Deeds which now vests all Trust Property under the responsibility of the Kumul Petroleum Share Trust including, shares, dividends, all money and property paid or transferred to the Trust, accumulations of income directed or empowered by this Deed, accretions and additions to the Trust Property from any source, and all other rights, benefits, privileges in the Company held by the Trustee or any rights, powers, duties and responsibilities of a shareholder of the Company.