Groups to petition firm to pay outstanding dividends

By PISAI GUMAR
TEN local business groups that own 11,000 shares in the Finschhafen Marketing Development Corporation (FMDC) Ltd will petition the board to pay them their outstanding dividends and resign.
The groups – Kotec, Yabem, Mape, Emibu, Rooke, Mongi, Awagis, Kaiko, Mide, Akua and Kisa – from Finschhafen, Morobe, own the corporation which is the second largest shareholder of Mainland Holdings Ltd (MHL).
In a press statement, spokesmen Peter Seske and Patrick Aranzang said a meeting to prepare their demands would be held on Feb 27, after which a 14-day notice would be served to chairman, Filu Ruaming.
“We will protest to Gobari FMDC chicken farm on March 1 to seek explanations from executives why they have denied paying shareholders their dividends over past six years,” Seske said.
“That is a total abuse of trust.”
He said that apart from selling 11,000 shares without the consent of shareholders and a proper explanation, the FMDC played a major part in MHL selling assets such as ABCO Transport and Moale Coffee.
Seske asked the provincial government to help shareholders take the matter up with the MHL so the board and executives could explain the ‘wholesale’ selling of company assets.
“It’s our assets. Why not sell it back to MHL or individual shareholders or the Morobe provincial government?” he asked.
 Aranzang said the FMDC had until March 1 to settle shareholder dividends or it would face legal action.