PNG’s KCH pays K80 Million Dividend to the State after 7 years
Papua New Guinea’s Kumul Consolidated Holdings (KCH) has paid dividends to the State after 7- years.
The country’s Minister for State Enterprise William Duma officially handed over a dummy cheque of K80 Million Kina to Treasurer Ian Ling-Stuckey and Prime Minister James Marape this week.
The dividend amount from all state-owned companies bypasses the executive government projected estimates by K60 million.
KCH is the entity which holds in trust, the Government’s non-petroleum and non-mining assets. KCH (formerly known as IPBC) was established in July 2002 under the Independent Public Business Corporation of Papua New Guinea Act 2002.
KCH, is mandated to hold all Government-owned commercial assets in trust and to manage those assets to improve commercial performance and underpin economic development. KCH is not responsible for the Government’s mineral, oil and gas assets.
As a trustee, KCH is the holding company for nine (9) State Owned Enterprises (SOEs) operating in agriculture, aviation, banking and financial services, insurance, maritime infrastructure, power, post and logistics, telecommunications, and water and sanitation. KCH also acts as the manager of infrastructure projects throughout PNG such as hydroelectric power facilities, metropolitan sewerage systems property and port developments.
KCH is the State’s private equity and investment company with a clearly-defined mandate to build shareholder wealth and to improve the provision of services to the people of Papua New Guinea
The conference room at the Manasupe Building was packed with board and executive management of State Owned Companies, to witness, long overdue dividend payments to the state.
Information from NBC News PNG Today and Kumul Consolidated Holdings