Kumul Consolidated Holdings Chairman Paul Nerau has announced that the new corporation will be officially launched at a charity dinner on December 2.
This follows the recent introduction of the IPBC/Kumul Consolidated Holdings (Amendment) Act, making way for the formation of three entities responsible for the sovereign wealth of Papua New Guinea – Kumul Petroleum holdings, Kumul Minerals Holdings and Kumul Consolidated Holdings.
"The Minister of Public Enterprise and State Investments Hon. Ben Micah has agreed to launch Kumul Consolidated Holdings by hosting a charity dinner. This is an opportunity for us to not only launch the new entity, but also to assist those less fortunate in our community," Nerau said.
Nerau identified three charities that will be beneficiaries of the dinner launch – Life PNG Care, Cheshire Disability Services and the PNG Cancer Foundation.
°Life PNG Care makes a positive impact in the lives of disadvantaged and vulnerable children and youth.
°Cheshire Disability Services makes a positive difference in the lives of people with disabilities, their families and their carers.
°The PNG Cancer Foundation assists patients and their families and are advocates for the rights of cancer patients in Papua New Guinea for best treatment and supportive care.
"We will be releasing more details of the charity event in the coming weeks," Nerau said.
The announcement came as Kumul Consolidated Holdings celebrated the 40th Independence of Papua New Guinea with a cocktail function on Monday at the Grand Papua Hotel.
Speaking at the function Nerau made the observation that 40 years ago the Australian flag was lowered and not torn down, as Papua New Guinea moved towards independence.
"Papua New Guinea had a peaceful transition to independence. In a similar way, the IPBC Act was not torn down. It was amended under the IPBC (Kumul Consolidated Holdings) Amendment Act of 2015.
"Through this Act, the IPBC has been transformed into Kumul Consolidated Holdings. The IPBC Act was amended to make it contemporary and relevant. As the world changes, especially the world of business and governance, then so must we."
The IPBC (Kumul Consolidated Holdings) Amendment Act of 2015 was first read in Parliament on June 5, 2015 and passed by absolute majority as required by the Constitution, then certified on August 12, 2015. The Act then came into effect on Wednesday September 2, 2015.