Business group to launch K6mil worth of projects


Sai Business Group (Sbg) Inc in Watut, Morobe, will launch K6 million worth of projects next week to give a new lease of life to its 1869 local shareholders.
SBG Inc is the second biggest shareholder of MHL after Nasfund.
The shareholders are mostly coffee farmers.
The June 22 event at Watut will see the five-year project plan and two trucks launched, while a supermarket at 5-Mile in Lae will be opened on June 23.
Group chairman Menos Akrish said the five year plan involved coffee rehabilitation, nurturing, harvesting and marketing.
Limestone mining, chicken farming and a supermarket are included.
“The five-year project plan is a stepping stone to instill confidence to our shareholders, mostly coffee farmers who have been affected by a court battle for last two years” Akrish said.
“The two trucks are a 10-tonner and an 8-tonner to be involved in coffee and limestone projects.
“It cost SBG Inc more than K6 million to build the supermarket, administration offices and the trucks.”
The SBG Inc is one of the pioneer existing coffee cooperative groups in Morobe.
It was among other cooperatives in Finschhafen, Nawaeb, Kabwum and Wantoat which in the colonial era formed Mainland Holdings.
Akrish said that SBG Inc had been in existence for 36 years with 2562 local shareholders.
A recent shareholder survey by an independent group identified 1869 registered shareholders, which was confirmed with the Investment Promotion Authority.
Membership is mostly from Watut in Bulolo and Aseki in Menyamya.
“SBG Inc is the icon and pride of local Sai-Watut people initiated by forefathers during colonial era that has proven all odds about the concept of cooperative society” Akrish said.