Company pays dividend to shareholders

By TONY PALME
SICO Enterprises Limited in Jiwaka paid more than K500,000 in dividend to its 500-plus shareholders on Wednesday.
They received K100 each at Sigri Wambina in North Waghi – the fifth time in six years they had received dividends.
Managing director Jacob Pakana said the company started in 2010 and the first dividend was paid in 2011.
He said the second dividend was paid in 2012 and the third in 2014.
In 2015, shareholders received rice bags instead of cash as dividend because of the drought.
“You will never see a company that is newly-established paying dividends to its shareholders every year. For us it is unbelievable,” he sai
“I urge the shareholders to please give the company a break and let it grow instead of wanting to get dividends.”
He said the firm had a lot of challenges to face and needed the support of everyone to address them.
The company plans to expand its subsidiary Sico Security Services in Jiwaka, Mt Hagen, Kundiawa, Lae and Port Moresby and needs the patience and support of shareholders and directors.
Board chairman Michael Mas Kal said businesses never grew because of the Melanesian attitude of wanting “to eat all the time”.