Dion lauds ENBDC for ‘phenominal growth’

Business, Normal

The National, Thuresday 12th January 2012

THE East New Britain provincial government has commended its business arm – East New Britain Development Corp (ENBDC) – saying it has experienced “phenomenal growth” in the past 10 years.
Gov Leo Dion said during the handing down of the provincial budget of K110.85 million on Tuesday that the provincial government was witnessing growth in ENB Port Services, ENB Properties and Kada Lama Cooperative Society that also involved coffee and cocoa.
“In fact, our company has re-invested K50 million last year and we have plans to reinvest another K50 million this year.”
Dion said the company had taken delivery of its second barge, MV Warangoi, last week after the first, MV Toriu, delivered eight months ago and it was anticipated the third vessel would arrive by the end of this year.
He said ENBDC was certain of property developments in new supermarket in Kokopo between K5 million and K7 million apart from the second phase of property development in Port Moresby of between K40 million and K60 million after initial investment of K26 million in the past two years.
Dion thanked the provincial administration and provincial assembly members for their foresight that was bearing tangible results and give ENDC another three to five years to see their full potential.
He congratulated chairman William Lamur, the board of directors and workers “for a job well done”.
The provincial assembly was expected to receive a full report from the company in March.
The company was incorporated on Aug 23, 1976 and is 100% owned by the provincial government with equity of K459,138 comprising K100,000 from the National government and K359,138 from the provincial government
Being the provincial government-owned business arm, ENBDC’s prime vision was “to deliver tangible results, operating under sound business principles, with social responsibility, safety, profitability and sustainability”.
ENBDC currently employs 700 management and direct employees and deals with 500 indirect contractors.