HGDC performance lauded

Business, Normal

The National, Tuesday December 17th, 2013

 SHAREHOLDERS of the Hides Gas Development Company (HGDC) have expressed satisfaction with the company’s financial position during the past three years.

Gigira Development Corporation director Don Hibulu said the K7 million net profit was a big margin for a company formed just three years ago.

He said: “It is a company with three years of existence alongside PNG LNG project. 

“Some of us have been operating since Chevron Niugini started and we have not paid a big dividend to our own shareholders. 

“This dividend (K7 million) is first of its kind for us and our shareholders. It also showed cooperation and confidence we have towards HGDC.”

TuguTapira Ltd chairman Wandiago Kau said: “This is the first and a big dividend paid to us shareholders”.

He stressed they would continue to work together as a team and solve any landowner issue, which may become a hindrance to the company’s project contracts.

Hela Deputy Governor Thomas Potape praised the landowner company, saying the provincial government was committed to support HGDC in the long run.

He said: “Despite certain challenges the company has faced, the provincial government is behind HGDC. 

“HGDC will remain even after gas life is over.”