People take ownership of K6mil property


MORE than 10,000 people living near the Sirinumu Dam are now the owners of the K6 million worth of property along Sogeri Road in Central.
The acquisition of the property was made through an agreement between the landowners’ company Sirinimu Development Company (Sidco) and PNG Power Limited on May 6, 2014.
Sidco chairman Steven John said the agreement covered a financial development assistance package for agriculture, commerce, industry, reforestation, education, welfare services, recreational facilities, business and community enterprises and services.
They purchased the property through a loan from the Bank of South Pacific guaranteed by PNG Power Limited.
John said PNG Power approved a K8 million development assistance package for a period of five years (2014-2018) which was used to secure the loan.
John said Sidco was exploring options to start its socio-economic programmes or any business proposal through the Government’s public-private partnership programme.

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