Local companies/firms sign 30 per cent shares to operate port

MOTUKEA International Terminal Limited (MITL) and Noho Mage Holdings Ltd (NMHL) are now joint partners in a 30 per cent shareholding over the 25-year concession period to operate the Motukea Port.
The other 70 per cent is a unit of the International Container Terminal Services Inc (ICTSI).
ICTSI chief executive officer Anil Singh described the signing of the shareholding partnership between his company, MITL and NMHL recently as significant for local participation.
Over 250 guests were in attendance at the signing, including members from the impact communities of Tatana and Baruni and MITL staff, who witnessed the formalisation of the 70/30 shareholder partnership between MITL and NMHL.
PNG Ports acting managing Ddirector Fego Kaniafa, a key stakeholder in the 25-year concession, was also present to witness the signing of the shareholder partnership.
NMHL chairman Iduhu Erue Igo said it was a milestone in a journey that had began in 2014, and he thanked all stakeholders for the frank and honest discussions held, seeing them emerge out from behind the proverbial rain shadow to now bask in the promise of a venture that would benefit not just this generation, but the generations to come.