Autonomous Bougainville govt’s business arm manages shares


SHARES by the Autonomous Bougainville Government in any investment made by the government will be held by the Bougainville Public Investment Corporation Limited.
Secretary for Economic Development Albert Kinani said the entity, being the business arm of the ABG, was responsible for all investments including shares in the Chebu Shipping Company and the recently acquired shares in the Bougainville Import Export General Corporation (BIEGC) Limited.
Kinani said the latter was currently trading as a private company, which under the Company’s Act of 1997 allowed people or entities to purchase shares in it.
“Unlike a public company where the shares a floated on the stock exchange the Bougainville Import Export General Corporation is trading as a private company and this still allows for the purchase of shares without documentation such as a prospectus,” he said. Kinani said any Bougainvillean could purchase shares.
Upon payment of shares, they would sign a share purchase agreement and receive a share certificate validating purchase of shares.
In a public company, dividends are paid to the shareholders based on the annual profit margins of the company. “The annual percentage that is paid out as dividends is guaranteed to be paid to shareholders not taking into account the performance of the company and this is also a guarantee that shareholders will still make money from the company,” Kinani said.

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