Eda Ranu pays dividend to shareholder company

EDA Ranu has paid a dividend of K2 million to its shareholder company, Kumul Consolidated Holdings.
Eda Ranu’s chief executive officer Henry Mokono (pictured) said the amount could have been higher if all Government agencies had paid up their arrears on water and sewerage.
“We have yet to collect these hefty amounts owed by Government entities,” Mokono said.
“For example, the three disciplined forces alone – police, CS and Defence – owe us in excess of K30 million.”
There are other State departments and agencies who in total owe Eda Ranu “in excess of K50m”.
Mokono said the dividend was a result of prudent financial management, cost control, cash management and the restructuring of business plans and projects.
“We are currently negotiating with the departments of Finance and Treasury to have these amounts settled at source,” he said.
“We are expecting some results by the end of this year, which may mean we can return an even greater dividend to KCH (next time).”
KCH chairman Paul Nerau thanked the board and management of Eda Ranu for delivering a return to its shareholder.
“It is part of the obligation of SOEs to deliver a dividend to the shareholder which is KCH, representing the interests of the State,” he said.
“It’s an appropriate time with the 2017 national budget about to be handed down and as the financial year begins to wind down.”