Govt entity KCH enters capital market as intermediary

KUMUL Consolidated Holdings (KCH) has entered the capital market as a market intermediary, says Securities Commission of Papua New Guinea acting executive chairman Robert Salmon-Minak.
He said this in Port Moresby on Friday after issuing five capital market licences to KCH to act as trustee, fund management, dealing in securities, investment advising and advice on corporate finance.
“We welcome KCH into the capital market,” he said.
“KCH is an institution with a deep diversified portfolio of State enterprise assets.
“It is strategically positioned from a commercial and financial standpoint.
“KCH will add significant value to our capital markets going forward.
“KCH has demonstrated probity, it has a healthy financial status, it has the ability to perform market intermediary functions effectively, honestly and its reputation, character, financial integrity and reliability are benchmarks which are fluent with the due diligence benchmarks under the Capital Market Act of 2015.”
Salmon-Minak said the Securities Commission expected KCH’s move to encourage other institutional heavyweights to look seriously at the benefits of participating in the capital markets.
KCH managing director Prof David Kavanamur said this was a significant move for the company.
“We have decided that we will diversify through this area, we hold a large land bank and large property bank,” he said.