State transfers rights to Kumul

Business

Governor-General Sir Bob Dadae yesterday executed on behalf of the State a deed-of-novation agreement for shareholding in a dairy project in Central.
The deed of novation transfers the rights of the State to Kumul Consolidated Holdings (KCH), taking up 30 per cent interest in Central Dairy Ltd.
Kumul Consolidated Holdings will be substituted for the State under the agreement. It will take over the State’s equity component of K9.8 million (US$3mil) or 30 per cent interest in the joint venture company, Central Dairy Ltd, of which 10 per cent will be allocated to Central provincial government.
The other shareholders are Innovative Agro Industry Ltd (50 per cent) and Central provincial government (30 per cent).
Kumul Consolidated Holdings will assume in full the State’s benefits, claims, interests, liabilities, obligations and rights under the agreement.
The signing of the deed-of-novation agreement was signed at Government House between the State, Innovative Agro-Industry Ltd represented by Ilan Weiss and Lior Crystal, Central provincial government by Maimu Raka-Nou and Gei Guni Raka and Kumul Consolidated Holdings by Erastus Kamburi and Darren Young.