Superfunds asked to own Shares in Telikom PNG

The Papua New Guinea's two super funds, NASFUND and Nambawan Super Limited, were presented an Information Memorandum for the partial privatization of Telikom PNG, by Kumul Consolidated Holdings (KCH) this week.

Superfunds asked to own Shares in Telikom PNG 

KCH Acting Managing Director, Professor David Kavanamur, said that KCH as the Trustee Shareholder representing the Government of PNG, is giving them the first priority to buy shares in the company.

Professor Kavanamur said that this is a big step towards reforming this SOE.

Professor Kavanamur also said that this also fulfils the government's directive, to commence steps to partially privatize Telikom, and reduce the State’s control to a significant minority position. 

He said that the exchange of documents they undertook, will help them to work diligently towards a transaction that represents the best interests of both the shareholder and the SOE.

They now also look forward to the opportunity to establish a new trajectory of growth and sustainability for Telikom Ltd.

Professor Kavanamur said that this will help support the advancement of products and services, for the benefit and welfare of PNG citizens, and also contribute to the improvement of socio-economic development opportunities, and gross domestic product growth under the Marape Government.

Caption: KCH a/ Managing Director Professor David Kavanamur, meeting with Superfund members. Pic courtesy of PM's Media.

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