Micah launches Kumul

 PUBLIC Enterprises and State Investment Minister Ben Micah launched Kumul Consolidated Holdings Limited on Tuesday in Port Moresby.

The new entity, which replaces the Independent Public Business Corporation, is structured under a new Act of Parliament to facilitate government commercial business and engage more effectively in developing a robust economy.

Addressing corporate executives and managements of corporate entities and state owned enterprises, Micah said the rebirth was purely to enhance the people through its government participation in the business sector.

“Under the Kumul agenda, I’d like to acknowledge the great support and leadership of Prime Minister, Peter O’Neill as well as the support of my colleague ministers, and all members of Parliament, who under very difficult circumstance supported the enactment of three legislations that established the three companies (Kumul Consolidated Holdings Limited, Kumul Petroleum and Kumul Minerals) and which has made it possible to move forward in businesses with partnership with private sector,” he said.

Micah acknowledged past ministers, especially Arthur Somare, for his role in the PNG LNG project that secured 18 per cent equity for the State to be the third largest shareholder.