October 22, 2018
Wednesday 18th October, 2018 – Port Moresby: Sepik Poultry, Grain Cocoa Project shareholding agreement has been signed between the developer Innovative Agro Industries (IAI) and Kumul Agriculture Limited (KAL), paving way for the commencement of the K30 million agriculture project come November.
The project will be based near Haripmo village in the Yangoru-Saussia District, East Sepik province.
Under the shareholder agreement, IAI receives 50% stake in project, leaving the other half to the State entity. The equity breakup has seen the Government hand over 10% of its stake as free equity to the East Sepik Provincial Government (2.5%), Yangoru-Saussia District Development Authority (2.5%) and Landowners Future Fund (5%).
This shareholder structure and government investment is the first of its kind in PNG.
The remaining 40% of the State’s equity will rest with Kumul Agriculture Limited (KAL), a state-owned enterprise under Kumul Consolidated Holdings.
Public Enterprise Minister William Duma says KAL is endorsed by the Government’s Alotau Accord II that emphasises diversification of the economy through increased investment in the agriculture sector.
“Agriculture plays a vital part in the country’s livelihood; thus consolidating the State’s agriculture investments and projects, land and resources is a way forward. We will open up an investment space for public private partnerships such as the Special Economic Zone project in the East Sepik. I am confident the Sepik Palins project will be a great success and we look forward to duplicating this program across PNG,” Minister Duma said.
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