ken-ngangan

CPL gets K10mil in insurance

Business

AN initial K10 million insurance settlement has been paid by Pacific MMI to City Pharmacy Limited for the destruction by fire of its Gerehu warehouse last month.
Pacific MMI chairman Dr Ken Ngangan, pictured, said the insurance company was committed to its clients.
“The insurance company is government-owned and we got a network of reinsurers that back us,” he said.
“And with that backing, we are able to make this payment to  City Pharmacy Limited.
“The K10 million is an interim payment to CPL.”
City Pharmacy Limited  Group chairman Mahesh Patel said the company was here to stay despite the fire.
“On behalf of CPL, I want to thank you because as you know, we have gone through a catastrophe,” Patel said.
He said City Pharmacy Limited’s major shareholders were the two superfunds.
“We have thousands of Papua New Guineans who are not only shareholders but also customers. We can proudly say that we employ about 3000 people and are a major employer because of that,” he said.
“So when Pacific MMI comes to our assistance in a very timely manner, it is highly appreciated.
“It goes a long way into building a long-term relationship between Pacific MMI and CPL.
“And it is a great thing that we got covered by Pacific MMI.
“It is a relief and this support will go to show to the public that we are here to stay.”

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