NEC approves agriculture SOE

THE National Executive Council has approved the establishment of a new State-owned enterprise to look after government interests in agricultural investments.
The Kumul Agriculture Limited (KAL) will be a wholly-owned subsidiary of the Kumul Consolidated Holdings (KCH).
Minister for Public Enterprise and State Investment William Duma, pictured, said the KCH would transfer all the titles of agricultural assets held directly or indirectly to new agency.
The agricultural assets include the National Plantation Management Agency Limited, Sepik Agro Industries Limited and Central Dairy Limited.
“The Kumul Consolidated Holdings and the Department of Agriculture and Livestock will transfer the shares and ownership interest in Livestock Development Corporation Limited together with its functions, management and assets. Agriculture plays a vital part in the country’s livelihood, contributing nearly a third of Gross Domestic Product and is the largest employer,” Duma said.
“By consolidating the State’s agriculture investments and projects, land and resources, we hope to improve productivity and yield.
“We will open up an investment space for public-private partnerships.”
Meanwhile, the National Executive Council has directed all Government departments and State agencies to support KCH in the facilitation and establishment process of Kumul Agriculture Limited .