04-18-2013, 11:31 AM
Anyone thinking that the current changes going on within PNG as far as IPBC/Petromin/SOEs/DPE is concerned and whether it could slow down any deals for IOC can take comfort in this story from yesterday. Fiji came, met, signed a deal with IPBC and said, "Thanks and come to Fiji and do the same."
"VODAFONE MULTIMILLION DOLLAR DEAL FORMALISED
on Wednesday, 17 April 2013. Posted in Business
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The formalities are in place…, the PNG Government through its commercial arm, IPBC and the Fiji National Provident Fund are joint investors in Bemobile PNG Limited.
The company, which holds mobile telecommunication licenses in PNG and the Solomon Islands, is now contracted to Vodafone Fiji Limited.
The local mobile phone company will now be managed under a management contract by Vodafone Fiji Limited.
It’s the first step to opening competition in the mobile telecommunication industry.
The local media and counterparts from Fiji were at parliament to witness one of Fiji’s biggest investments in Papua New Guinea, an historic joint venture that further consolidates bilateral ties between both nations.
Present for the signing ceremony was Prime Minister Peter O’Neill and his Fijian counterpart, Commodore Frank Bainimarama.
It’s a multimillion dollar deal. IPBC will inject 88.2 million US Dollars, an equivalent of about 1.9 billion kina; and Fiji’s Provident Fund (FNPF): 91.9 million US Dollars.
IPBC and FNPF are equity partners with PNG’s head of state entities holding 51% shareholding ownership and FNPF acquiring a 40% stake.
Of the remaining 10%, the Asian Development Bank has acquired 0.99% shares and Capital Way with 8.01%. The Pacific Way Shareholding is broken up into Steamships, Nambawan Supa, Pacific Rumana, Fasfund, PNGSDP and GEMS.
It’s understood IPBC will acquire external funding from ANZ to subsidise its part of the deal.
And NEC has approved Vodafone Bemobile Board members which include Andrew Johnson as Chairman, and Wasantha Kumarasiri and Paul Komboi as Directors representing IPBC.
Commodore Bainimarama says the deal is just one step.
Meanwhile Prime Minister O’Neill has announced that both countries have agreed that visa issues will be relaxed to encourage more travel.
Festus Maiginap, National EMTV News"
NEC and O'Neill oversaw the transaction; that's how things will be done with Kumul Petroleum/Petromin