IPBC receives dividend from Eda Ranu

EDA RANU has paid the Independent Public Business Corp (IPBC) an interim dividend of K600,000 for 2007 financial.
IPBC chairman Sumasy Singin said: “this is another success story for the Government’s sound investment in State-owned enterprises.”
“IPBC is in the process of developing a dividend policy whereby those State-owned entities paying dividend to the shareholders would enjoy in return IPBC’s assistance in their capital expenditure programme,” he said.
IPBC does not receive any allocation from the national budget.
It is a self-funding organisation and thus, any State-owned entities which pay dividends would receive shareholders’ assistance in its capital expenditure programmes.
After making continuous losses for the first nine years of its operations from 1996 to 2004, Eda Ranu experienced its first ever financial success in 2005.
Since then, Eda Ranu’s profitability has gained momentum resulting in payment of K1 million dividend for the 2006 financial year.
The company’s profitable trading results reflected a very efficient and effective debt management strategy and collection policy implemented by Eda Ranu and its partners the Concessionaire (PNG Water Ltd) under the existing consumer service agreement (CSA).
Billy Imar, the water agency’s managing director, said the water agency “has the ability to pay the interim and final dividends as and when they fall due in 2007/2008, because of the healthy cash flow”.
He said Eda Ranu was now in a position to make tangible contribution to the national economy by generating more wealth.