Bemobile Still Hopeful of Vodafone Deal

PORT MORESBY - The Independent Public Business Corporation said it will proceed with bringing in Vodafone; this time, dealing directly with its principal company in the United Kingdom.

IPBC Managing Director, Wasantha Kumarasiri said IPBC has put the money in BeMobile’s trust and talks with UK will follow soon.

Fiji National Provident Fund’s recent termination of its agreement to invest in BeMobile, has not stopped plans to bring Vodafone to PNG.

Mr  Kumarasiri said no proper reason or reasons were given, explaining why FNPF and Fiji Vodafone cancelled their part of the agreement.

IPBC, now the major shareholder in BeMobile with 85 per cent shares, received notice from FNPF on July 29th, 2013, withdrawing its commitment, based on issues surrounding the business plan that Fiji Vodafone was working on for BeMobile.

FNPF had initially agreed to invest 98 million US Dollars, which is about 226 million PNG kina.

Mr Kumarasiri said IPBC was saddened over the unfortunate decision by its partners. However, he said it has not prevented shareholders from carrying out an alternative plan.

IPBC has put in its share of the agreement, 88 million US dollars in BeMobile’s trust.

Mr Kumarasiri said IPBC is awaiting feedback from its partner shareholders before the plan is formally implemented.

He added the invitation is open for any interested parties who would like to be part of the business project. [EMTV]
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