September 6, 2018
Kumul Agriculture Limited to oversee State’s agricultural assets
Thursday 06th September, 2018 – Port Moresby: The National Executive Council has approved the establishment of a new state owned enterprise (SOE) tasked to hold the State’s interests in all agricultural investments throughout Papua New Guinea.
The newly endorsed Kumul Agriculture Limited (KAL) will operate as a wholly owned subsidiary of Kumul Consolidated Holdings (KCH).
Minister for Public Enterprises and State Investments, William Duma, says KCH will transfer all legal titles of agricultural assets, whether held directly or indirectly, to KAL.
“The agricultural assets that will be transferred to KAL include National Plantation Management Agency Limited, Sepik Agro Industries Limited and Central Dairy Limited. Both KCH and the Department of Agriculture and Livestock will transfer the shares and ownership interest in Livestock Development Corporation Limited together with its functions, management and assets,” Minister Duma said.
The establishment of KAL is endorsed by the Government’s Alotau Accord II that emphasises diversification of the economy through increased investment in agriculture.
Minister Duma says, “Agriculture plays a vital part in the country’s livelihood, contributing nearly a third of GDP and is the largest employer. By consolidating the State’s agriculture investments and projects, land and resources; we hope to improve productivity and yield. We will open up an investment space for public private partnerships,” Mr Duma said.
Meanwhile, NEC has directed all relevant Government Departments and State agencies to cooperate with KCH in the facilitation and establishment process of KAL.
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.