News & Media

GG executes deed-of-novation agreement for shareholding in Central Dairy

Thursday 18th October, 2018 – Port Moresby: Kumul Agriculture Limited (KAL), a state-owned enterprise under Kumul Consolidated Holdings, now has 20% interest in the joint venture company Central Dairy Limited – local manufacturers of Ilimo Milk.

This comes after the Governor General of Papua New Guinea, Sir Bob Dadae, executed on behalf of the State a deed-of-novation agreement transferring the Government’s equity component of K10 million (US$3 million) to KAL.

The agreement gives KAL full powers to administer the State’s benefits, claims, interests, liabilities, obligations and rights in the project.

Shareholders include Innovative Agro Industry (50%), the Central Provincial Government (30%) and KAL (20%).