Kumul Consolidated Holdings (KCH) and Bank of South Pacific are in discussions by way of a signed a Memorandum of Understanding with the view to establishing a joint venture (JV) to operate Pacific MMI Limited in the Pacific Region.
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.
“There are many business to business opportunities within our portfolio of state-owned enterprises. This is another example and it is one that will strengthen the position of Papua New Guinea within the entire Pacific region.”
The Pacific MMI MoU was signed on August 16, 2016 at BSP’s headquarters in Port Moresby by KCH managing director Garry Hersey and BSP chief executive officer Robin Fleming.
Duma further reveled in Parliament this week that KHL portfolio looks good and after talks with international loan companies, they have confident to give loan to KHL.