Cocoa Board leases out Kenabot property

THE Cocoa Board of PNG (CBPNG) has wasted no time in adhering to instructions to make money for itself as a Government agency by leasing out one of its properties.
The board has leased out its new property at Kenabot in Kokopo, East New Britain, to a multi-national company in its bid to generate revenue for its operations.
The keys to the eight one-bedroom units were handed over to 3A Composite (PNG) Human Resource manager Gina Vidamo by Cocoa Board chief executive Boto Gaupu following the signing of a lease agreement yesterday.
3A Composite PNG is a subsidiary of PNG Balsa Ltd.
Gaupu said the building and leasing of the property was approved by the national Government and funded by Bank South Pacific.
He said the direction the board was taking was in adherence to the government’s call for statutory bodies to undertake activities that would ensure they became economically self-reliant.
“Instead of waiting for the Government all the time to fund our operations, we should be embarking on activities that generate income for us to fund our operations,” Gaupu said.
“This lease agreement between ourselves and PNG Balsa is the first step forward.”
Gaupu said the board, in an effort to minimise rental costs incurred by staff housing, had acquired land in various provinces where it was operating to house its staff.
“We have acquired two other portions of land in Kokopo,”
he said. “We are working on finalising transfer of titles for CBPNG properties in various other provinces,” he said.
Vandemo said her company was glad to partner with CBPNG and would honour the terms of the lease agreement to expectations.