IFC boss visits business partner in POM

Business, Normal

The National- Monday, February 7, 2011


INTERNATIONAL Finance Corp (IFC) boss Lars Thunell, who was in the country for the past few days, paid a courtesy visit to the KK Kingston Port Moresby office last Friday.

During the visit, he met with KK Kingston owner Keith Kingston and staff and was taken for a tour around the premises, from the showroom to retail outlet and warehouse.

KK Kingston, one of the largest privately-owned manufacturing companies in the country, is among IFC’s major investment venues in PNG alongside PNG Microfinance Ltd, Bank South Pacific and Digicel PNG.

Last year, IFC made a US$4 million equity investment in KK Kingston to support the expansion of its production to meet growing demand.

Kingston said the company had witnessed increased growth in all of its business concerns — from industrial, commercial, retail and mining products. 

He said their long term strategy in the next five years was to make the company public.

“IFC made it possible to connect with outside market,” Kingston said.

IFC’s main objective was to help private sector and local businesses grow by extending financial services or linking them into supply chains.

Thunell was accompanied by IFC resident representative in PNG Carolyn Blacklock; head of communications from regional office in Hong Kong Hanfred Von Hindenburg; East Asia Pacific director Karin Finkelston and Sydney-based communication officer Sara King.