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Following the recent public outcry over the proposed sale of Motor Insurance Company Limited shares to South Pacific Bank approved by the National Executive Committee of the Marapeloso government, the Minister of State Enterprises, the Honourable William Duma, has assured the nation that
Sale completed.
The Duma minister said in a daily newspaper today that the claim that the transaction has been completed is simply not true. The transaction has not been completed and the shares have not been sold to
The same is true for overseas interests.
He noted that he had never spoken to a journalist and was surprised by such a statement. He stressed that since PNG Bank was a listed company, any sale process would have to comply with strict procedures set by the PNG Stock Exchange and the Australian Stock Exchange.
He said once the sale is complete, all proceeds will go to shareholder Kumull Consolidated Holdings and will be used for GBT. None of the proceeds will go to the government because the state-owned enterprises are trading companies and, unlike other state-owned entities, they do not charge rent.
carries the county’s core commercial infrastructure and must trade on its balance sheet.
The Minister further said that after internal reforms and balance sheet restructuring, all state-owned enterprises will pay dividends to the state every year from 2022. KCH paid a total of K77 million in 2023 and will pay more in 2024.
He said the record was crucial given KCH’s record of using borrowed money to pay for its debts in 2015. The minister assured that no sale of shares had taken place.
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