Mainlands’ dividend payments under spotlight

National

SHAREHOLDERS of Mainland Holdings Limited (MHL) in Morobe should work as a team to enquire about outstanding dividends, an executive of a shareholder business group says.
Chairman of Mongi Business Group, Offo Olio, made this call after a letter was written by Morobe government legal services on behalf of them and sent to the management of MHL to enquire about how dividends were paid recently.
Olio highlighted that Mongi Business Group was affiliated under Finschafen Marketing and Development Corporation (FMDC) which was a major shareholder of MHL, however, they have never received any form of payment from FMDC.
“I call on other shareholders under FMDC to unite with us so that we can find out more about our dividends. We have unpaid dividends by MHL through FMDC so it is our right to find out how and where these dividends were paid to” he said.
“We want MHL management to explain about the structure that
they use in order to pay our dividends.
“Currently’ we don’t know how much they pay in percentage and where all this payments goes to.”
Olio claimed that successive payments from MHL to FMDC never reached the shareholders who are affiliated under FMDC.

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