KCH soon to release second quarter results

KUMUL Consolidated Holdings (KCH) Ltd will release its second quarter results soon on the performances of State-owned entities (SoEs), managing director Darren Young says.
Young in response to questions about the performances of SOEs resulting in a debt of K6 billion said the (half year) performance reviews would start next week.
He said this would provide an update on how the investment portfolio was tracking to plan together with the strategic initiatives and targets set that form an integral component of the annual operating plans.
Minister for State Enterprises Sasindran Muthuvel said KCH was the trustee for Air Niugini, Telikom and PNG Power Ltd before the Marape government delegated Telikom to Communication Ministry and Air Niguini to Transport.
Muthuvel said SOEs had K6 billion debt, which Telikom PNG owed more than K2 billion.
According to information from PNG Power Ltd, KCH had approved under former State Enterprise Minister Ben Micah a K530 million project with a loan from the Exim Bank of China.
The project was designed by TBEA a Chinese-owned company that specialised in electricity infrastructure.
It is understood that some of these projects were not approved by the PPL board but had been forced upon them by KCH.