FNPF invests $165M in Bemobile

A total of $165 million has been invested by Fiji National Provident Fund in Bemobile PNG Limited.  

FNPF has made the investment along with the Papua New Guinea Government through it's commercial arm, Independent Public Business Corporation.

Bemobile will be managed by Vodafone Fiji Limited.

FNPF said the Bemobile Group will immensely benefit from Vodafone's solid management capability and under the guidance of Vodafone, Bemobile is expected to invest extensively in the next two years on its network equipment and personnel in both countries.

FNPF said the members of the Fund will also benefit through the high economic growth potential in PNG and the Solomon Islands along with the share in the high dividends expected from this investment.

Another investment benefit is the opening up for Fijians to be employed in PNG and the Solomon Islands.

It was earlier stated that IPBC would become the majority shareholder with 51% of the shares in Bemobile and the FNPF would invest capital to take a 41% stake.

The agreement was signed in Port Moresby by Prime Minister Commodore Voreqe Bainimarama and his PNG counterpart, Peter O'Neill on Tuesday.

Story by: Sofaia Koroitanoa