TANGIT DENIES 50% SALE OF PNG POWER

The PNG Power boss has denied outright, the sale of half of the company by the State.

John Tangit told NBC News, yesterday, The National newspaper got it all wrong with a headline report that the State Sells 50-percent of PNG Power.

Mr. Tangit said, the State may have plans to privatize half of PNG Power under its privatization plan, but no sale has been conducted as yet.

Tangit said the National newspaper got it all wrong with its Headline.

He said the Headline contradicts the content of the article itself, and as the result of the misleading report, it triggered employees in Port Moresby to stage a sit in meeting this week, causing a lot of in convenience and unnecessary pressure to the management.

He said while it is no secret, that the government is thinking of selling some of its equity in its state own entities, including PNG Power, no such actions has taken place yet.

The C-E-O adds, if the state as the custodian of the entity wish to do so, there are processes to go through with concern authorities like Independent Public Business Corporation and the Board and management of PNG Power.

He reiterated that, Minister for State owned entities Ben Maika only made the intention known during the Investment and Infrastructure Summit this week.

He also brushed a side reports that PNG Power employees stage a protest.