KK Kingston, HGDC form joint venture

Business, Normal

The National,Wednesday18 January 2012

HIDES Gas Development Co Ltd (HGDC) and Papua New Guinea’s leading industrial supplier and manufacturer KK Kingston Ltd have signed an agreement to start a joint venture company that will supply all KK Kingston products in the upstream section of the PNG LNG project.
The shareholder agremeent was signed by HGDC chairman Tuguyawini Libe Parindali and KK Kingston founder and chairman Keith Kingston.
With so much money going into the local economy at Hides and surrounding areas of the new Hela province, HGDC and KK Kingston saw the new partnernership as an opportunity to bring much needed industrial and commercial products closer to where the people were.
HGDC board of directors and its shareholders will support the new joint venture company while KK Kingston would provide technical support and know-how.
“Understanding the background of how KK Kingston started and the number of years it operated in PNG, we are pleased to enter into this new agreement with one of the leading  industrial and manufacturing companies in the country,” Parindali said.
Kingston said they were excited about the new partnership and looked forward to developing this new business on site at Hides.
He also said they would start moving  the first delivery of containers into Ega Mondo, Para by next month.
HGDC general manager Richard Champion hailed the agreement, saying with that amount of money going into the local communities, they would now have an option to purchase goods from Hides Kingston Industrial.
The new company will be located on the Para, Hides 4 site.
Contractors and the local people will now be able to access a wide range of industrial and other KK Kingston Ltd products locally instead of buying them in Lae or Mt Hagen.
He said while there would be challenges, the partners looked forward to a successful partnership.