Brewery pays K10.9mil dividend to fund

THE Nambawan Super Ltd has received a K10.9 million dividend payment from South Pacific Brewery Ltd for the financial year 2018 (FY18).
South Pacific Brewery company secretary John Nilkare Jnr said: “At our April board meeting, an interim dividend of 50 per cent profit after tax for FY18 was declared, which has resulted in NSL being paid K1.60 per vested share in SPBL.”
He stated that SP Brewery was proud to have a significant local equity partner in Nambawan Super.
“Nambawan Super has more than 200,000 members, many are also suppliers of our products through their retail businesses and of course many more are consumers,” Nilkare said.
“It is gratifying to know that everyday Papua New Guineans are the beneficiaries of the profits of SPBL.
“It is a virtuous circle in local production, supply and consumption where wealth is shared throughout the country.
“SP Brewery has been hit with exorbitant excise increases in the midst of the Covid-19 pandemic.”
Nambawan Super chief executive officer Paul Sayer thanked South Pacific Brewery for the dividend payment.
“For the benefit of our members, who are proud part owners of SP Brewery, I encourage SPBL to continue dialogue with the Department of Treasury and PNG Customs to address the excise hikes,” Sayer said.