July 15, 2016
Minister for Public Enterprises & State Investments Hon. William Duma today announced the signing of a joint venture (JV) agreement between Kumul Consolidated Holdings (KCH) and Innovative Agro Industry Ltd (IAI) to develop its Sepik Plains Agriculture Project.
IAI is an affiliate of the Israeli LR Group which specialises in the development, implementation and operation of agro-industrial projects in emerging markets; and has over 400 profitable projects worldwide since its inception in 1986. It is also involved in the 9 Mile Agro Farm in Port Moresby, a commercially oriented, modern high intensive vegetable farm employing 160 workers and producing around 12 metric tonnes of prime vegetables weekly.
The Sepik Plains Agriculture Project is located in the Yangoru-Saussia District of East Sepik Province and is situated in the Sepik Plains Special Economic Zone.
The JV between KCH and IAI will initially be a pioneering venture based on chicken production, a commercial cocoa plantation and grain production. Stock feed processing will also be associated with the chicken production venture.
It is intended that the venture will cater for the needs of the local market and supply meat and eggs as a much-needed source of protein throughout the province and Papua New Guinea.
The venture will be conducted through an office to be established near the village of Huaripmo, to engage in agricultural services with nearby communities, that will also including training programs and the marketing of produce.
A subsidiary of KCH called Kumul Agriculture Limited will be established to manage the office.
As the Minister responsible for Kumul Consolidated Holdings and its projects, Hon. William Duma said:
“The venture is expected to create some 235 direct jobs in a state of the art facility that will utilize advanced technology for the production of field crops for high intensive growth stock feed, a state of the art hatchery and poultry processing plants and an irrigated cocoa plantation which is expected to produce yields of some 400% – 500% more than currently being obtained by existing cocoa plantations.
The Sepik Plains Agriculture Project has a footprint of 5,000 hectares and is expected to bring increased employment opportunities, significant spin off business opportunities and new available sources of food and protein which will also bring health benefits to the region.”
The project is co-sponsored by Minister for Public Enterprises & State Investments Hon. William Duma and Minister for Trade, Commerce & Industry, Hon. Richard Maru.
Kumul Consolidated Holdings, in collaboration with PNG Power Ltd (PPL), is seeking Expressions of Interest (EoI) from owners of suitable alienated land to enter into a lease agreement with a future independent power producer under which the land will be used for the installation and operation of a solar farm.
Acting Managing Director of Kumul Consolidated Holdings (KCH) David Kavanamur, presented Chief Executive Officer of Nasfund, Ian Tarutia and his Investment Team with the Information Memorandum for the partial privatisation of Telikom Limited.
Kumul Consolidated Holdings (KCH) Chairman Peter Aitsi and Chair of the KCH Audit & Risk Committee James Gore today announced that their Board had endorsed a Whistleblower Policy.