Kumul Consolidated Holdings

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.  

PNG Loop 5@5

Raiders sign PNG star

http://www.looppng.com/content/raiders-sign-png-star

The Canberra Raiders have signed Papua New Guinean star Kato Ottio for the next two seasons the club announced on Friday afternoon.

Nasfund to pay K144m dividend to members

http://www.looppng.com/content/nasfund-pay-k144m-dividend-members

SOE assets triple in three years says Nerau

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.   

Reiher: Expand our airports

Speaking during a dividend payment of K20 million to the State through Kumul Consolidated Holdings cheque presentation by Air Niugini last night in Port Moresby, Sir Frederick acknowledged the support from the Prime Minister and Kumul Consolidated Holdings for their continuous support to Air Niugini to deliver a sound profit and a good dividend to its shareholder.

Wharfies stop work over stevedoring deals

Armed with banners of stop work, the workers lead by the Maritime Union President Alex Rawali turned up  at the Port Moresby wharf gate this morning to show their intention.     

Their disagreement is similar to their striking counterparts in Lae, Morobe Province where they want PNG Port and the Government to relook at the tender process of awarding stevedoring businesses in two of the nation’s busiest ports.   

After the ending of the tender process four international companies have been shortlisted for the process.