Kumul Consolidated Holdings (KCH) chairman Paul Nerau revealed that all assets of companies owned by the PNG Government tripled in value in the last three years.
KCH was formerly known as the Independent Public Business Corporation (IPBC) and managed all State- Owned Enterprises (SOE).
Nerau commented during the official handover ceremony for the outgoing Minister for Public Enterprises and State Investments Ben Micah, to incumbent William Duma in Port Moresby today.
He praised Micah on his performance and welcomed Duma to the ministry.
“During his ministry (Ben Micah) the cumulative assets value of all SOEs that are vested with the general business trust managed by KCH has expanded from K5 billion in 2012 to now over K20 billion.
“Minister Micah takes a wealth of experience and achievement to his new Petroleum and Energy Portfolio, while Duma brings similar expertise to Public Enterprise and State Investments.
“In particular Minister Duma’s experience in infrastructure development will be a huge assets as KCH continues to roll out projects such as Ramu 2, the Lakatoi Precinct Project and the Port Moresby Sewerage System upgrade project,” Nerau said.
The 11 SOEs are Air Niugini, PNG Power, Telikom PNG, PNG Ports Corporation, Post PNG, Water PNG, Bmobile, Eda Ranu, National Development Bank, Motor Vehicle Insurance Limited and DataCo.