Kumul Consolidated Holdings (KCH) is the predecessor of Independent Public Business Corporation.
"This follows the recent introduction of the IPBC/ KCH Amended Act, making way for the formation of three (state owned) entities responsible for the sovereign wealth fund," Chairman Paul Nerau says.
The three entities that will be responsible for revenue from the mining and petroleum sectors and also all state own entities are, Kumul Petroleum Holdings, Kumul Minerals Holdings and Kumul Consolidated Holdings.
The amended Act of 2015 was passed by absolute majority on June 5.
The Act came into effect on September 2, 2015.