CPL Group; Post Fire – Announcement

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Close-up of fire and flames on a black background (Huge file)

City Pharmacy this year celebrates its 30th year anniversary. City Pharmacy is a proud Papua New Guinean company employing almost 3000 people, with more than 50% being female and operating 55 stores across PNG. An entire generation has grown up with City Pharmacy.

On the evening of Sunday 18th June the head office and warehouse of the City Pharmacy Group at Gerehu was destroyed by fire. Millions of kina of stock, machinery and records were lost.

Normally an event like this would cripple a company, but not City Pharmacy. The team at City Pharmacy quickly pulled together and built a temporary office in Waigani and secured three warehouses in Waigani, Badili and Napa Napa. With the help and support of its suppliers, banks and shareholders City Pharmacy continued to trade and amazingly all of its stores remained open even though systems were down and deliveries were interrupted. Customers barely noticed any difference as an entire back office was brought back to life. This is an extraordinary story and a credit to the team at City Pharmacy.

However City Pharmacy still suffered from the fire, losing much stock and assets. While operationally it survived, financially it was hit hard. Until today. Today City Pharmacy received its first insurance payment from Pacific MMI to the value of K10 million. These funds will now go back into the business to continue the rebuilding and recovery that is underway and to invest in new stock to flow through to its stores. Every City Pharmacy, every Stop and Shop supermarket and every Hardware Haus will benefit from fresh stock and the reassurance that City Pharmacy is strong, determined and on its way back! City Pharmacy and Pacific MMI working together to return City Pharmacy to its position as PNG’s best retailer.

Mahesh Patel, CPL Chairman said “Today is an important day as City Pharmacy rises from the ashes with the interim payment of K10 million from its insurer, Pacific MMI. These funds will be put to good use to order new stock and to reinforce our Balance Sheet. As we recover, City Pharmacy will become stronger and will once again be a retail powerhouse and innovator in the PNG market. No one should ever underestimate the determination and capabilities of the City Pharmacy team.”

Mr Patel said “City Pharmacy is a proud PNG company, with the majority of shares owned by Papua New Guineans through their superannuation savings in Nasfund, Nambawan Super and other key PNG investment companies. City Pharmacy provides medicines, food, clothing and hardware to many Papua New Guineans and is a strong supporter of local communities and the empowerment of PNG women.”

For further queries, please contact Mandy Copeland of CPL Group’s Marketing Department
Email : mcopeland@cpl.com.pg;
Phone: +675 7117 1981

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