The deal has been made, Vodafone is coming to town
After much talk the national government has finally secured a deal to bring Vodafone into the Papua New Guinea (PNG) telecommunications market.
The deal, which gives the Independent Public Business Corporation (IPBC) a majority 51% shareholding, was reached after two days of negotiations in Australia between delegates from the IPBC, the Asian Development Bank (ADB), Nambawan Super, Nasfund, Fiji National Provident Fund (FNPF) and Vodafone Fiji. The deal will also secure Vodafone’s entry into the Solomon Islands.
Under the deal, 41% of the shares will be invested by FNPF while the remaining 8% will be shared between Nambawan Super, Nasfund and PNGSDP. Vodafone Fiji will take over management of bemobile (PNG) and a total of K550 million will be invested into the company.