25.7 C
Port Moresby
July 31, 2021
Business News

Post PNG Recieves Funding To Secure Future

Post PNG today received a funding of forthy million kina for the purpose of securing its future.

The funding is from its shareholder, the Independent Public Business Corporation.


Public Enterprises and State Investments Minister, Ben Micah, announced this in a media conference in Port Moresby.


The injection of forthy million kina from the Independent Public Business Corporation is for the purpose of securing its future, as the state owned entity restructures its operations.


All concerned authorities were represented today, including IPBC, Post PNG, and the two commercial banks, BSP and ANZ.


Minister Micah said this assistance will help this struggling State Owned Enterprise, to regroup and refocus on its logistics and freight business.


While acknowledging the board and management of IPBC and Post PNG for working together, Minister Micah challenged the SOE to be profitable in coming years.


Chairman of IPBC, Paul Nerau, challenged the SOE to pay a dividend of not less than 15 per cent from the assistance that it’s getting from the shareholder.


Chairman of Post PNG Board, Ruben Aila, assured the shareholder that the company has taken radical changes which can guarantee its future.


Since the introduction of digitalization, postal operations at Post PNG has been greatly affected, however, with this help from the government, the SOE is now planning on moving into expanding its logistics business.


Related posts

9-mile Morning Traffic Woes

EMTV Online

Pari hostPNG Weightlifting Challenge

EMTV Online

Madang Revives Softball

EMTV Online
error: Content is protected !!