Kumul Consolidated Holdings

No merger until current unions reviewed

The Minister said the current mergers that took place in 2018 have not been completed.

Duma said the current mergers between the water utilities companies and telecommunications businesses are still on going.

Once completed their operation will give the government an idea on the idea of mergers.

Pom sewerage project nears completion

The first intake of sewer scheduled for early June.

The K400 million state-of-the-art treatment facility, being constructed at Joyce Bay, is jointly funded by the Government of Japan through its international development partner agency, Japanese International Cooperation Agency (JICA), and the Government of Papua New Guinea.

JICA contributed 55 percent of the cost while the State took up the remaining 45 percent.

Loop PNG's 5@5

 IMF Report is inaccurate: Bakani

The 2016 International Monetary Fund Article IV Mission Report on PNG is not correct, says Bank of PNG Governor Loi Bakani.

http://www.looppng.com/png-news/imf-report-inaccurate-bakani-50994                                

 

Team PNG rakes 13 medals in police Australasian games

A team of 77 police men and women attended the week-long gaming event, taking part in rugby 7s, rugby 9s, tennis, track and field, shot put, discus, 100m sprints, basketball, snooker billiards as well as dart.

RPNGC media director Dominic Kakas says the trip was very successful.

Team PNG won two silver medals in basketball, two gold medals, two silver and a bronze medal in dart, a silver medal in snooker, a silver medal in discus, a silver in shot put, and a gold for the 100m sprints.

Kumul Holdings in discussions with BSP to operate Pacific MMI

The scope of the JV also includes BSP Life (Fiji) Limited which conducts life insurance in Fiji.

“As Pacific MMI is owned by Kumul Consolidated Holdings we are now exploring how we can best leverage our relationship with BSP,” Minister Public Enterprises and State Investments William Duma said.

“The prospective partnership will give Pacific MMI an enormous presence in the market place.”

Minister Duma encouraged all State Owned Enterprises (SOEs) to consider Pacific MMI as their insurance provider.

BSP signs agreement to operate Pacific MMI

In a statement released by the Port Moresby Stock Exchange, BSP Chairman Sir Kostas Constantinou stated that the MoU also allows for the expansion of the JV activities into Fiji via BSP’s established insurance subsidiary in Fiji.

He added that the strategic objectives captured by the MoU are consistent with the Group’s geographic and business diversification strategy.

Proposed Pom hotel to have up to 500 rooms

The MoU is to explore the construction and development of a five star hotel property consisting of up to 500 rooms. These will be classified into different categories and coupled with various facilities, including function rooms, a convention area, gym, spa, restaurants and shops.

Management of the proposed hotel will be undertaken by a highly reputable global hotel operator.

ESP to produce stock feeds

Yangoru Saussia MP and Trade, Commerce and Industry Minister Richard Maru said during the launching today that work will start in three months time.

The launching was done at Yangoru Station in East Sepik Province.

"We will for the first time in the country’s history produce stock feed after 40 years of importing from Australia," Maru said.

The project will be done within the Sepik Special Economic Zone.

Kumul Consolidated Holdings have patterned Innovative Agro Industry Ltd to develop the K55 million project. 

Ramu 2 Project to commence in 2017

The project was launched on Dec 9, 2015 in Kainantu, Eastern Highlands province where more than a thousand people witnessed the occasion.

Since then, Kumul Consolidated Holdings has focused on phase 1 of a three-phase transaction management process, seeking expressions of interest (EOI) from suitably qualified development partners to develop the project and operate under a Public-Private Partnership (PPP) model.

A total of 65 proponents responded when the project was listed for EOI as a public tender on Feb 29, 2016.

Kumul Consolidation Holdings to oversee PMIZ project

The Minister for Trade, Commerce and Industry Richard Maru revealed yesterday during the presentation of the “full commencement order” to the contractor, China Shenyang International Corporation (PNG) Limited to commence work on the project.

“National Executive Council on Monday approved transfer of PMIZ to Kumul Consolidated Holdings (KCH).”

The project was formally spearheaded by the Department of Trade, Commerce and Industry.

Maru said it was the right move as KHC has the expertise and resources to bring in more capital and develop the project.