Corporation gets part payment for Ulaveo hatchery project

Business

THE Kada Poroman Microfinance Limited has given K100,000 to the East New Britain Development Corporation as part payment for the Ulaveo hatchery project.
The project is a partnership between the corporation, Mainland Holdings and the 18 local level governments in the province.
Corporation chief executive William Lamur said the board had agreed to the share structure of the project – 52 per cent for the corporation, 30 for Mainland Holdings plus the management of the project and 18 per cent to the local level governments (one per cent each).
Lamur said the project had an estimated initial capital of K2.5 million.
The actual cost would be determined during construction.
Share prices will be confirmed accordingly.
The project will be set up at Ulaveo.
Mainland Holdings will supply and set up specialised equipment and manage the project’s operations.
The presentation of funding by KPML followed an approval by the provincial executive council to have it secure shares for the 18 LLGs through the revolving fund for SME, funded by the provincial government. Lamur said if any of the 18 LLGs in the project failed to pay its share, it would go to the micro bank.
He said corporation had approached the provincial government to support the 18 local level governments to secure part of their 18 per cent shares in the hatchery project.

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