Investment benefits clans

THE first investment of Boera Holdings Ltd amounting to K2 million in Laba SPI Logistics is paying off for about 3,000 people in Boera, Central province.
Boera Holdings managing director Ulato Avei said under the umbrella benefits sharing agreement (UBSA) of the PNG LNG project, the government gave his company K4.2 million as a business development grant.
From this grant, Boera Holdings invested K2 million in Laba SPI at the end of 2010.
Laba SPI, a subsidiary of landowner umbrella company Laba Holdings, provides bus services to contractors and sub-contractors at the LNG project.
The four landowner companies in the LNG plant site project – Boera Holdings, Porebada Holdings Ltd, Buria-Rearea Caution Bay Ltd and Papa Resources Development Ltd – own shares in Laba SPI.
“That first investment has produced good results that benefited the 14 clans in Boera through dividend payment every six months,” Avei.  
The 14 clans are represented by Boera Gadona committee, which led to the creation of Boera Holdings.
Recently, Boera Holdings launched the Boera Gadona Foundation Ltd (BGFL), its registered mother company.
The launch also witnessed a presentation of K100,000 by BGFL to Hisiubada United church, the church in Boera,
“BGFL has been registered as a business entity with the Investment Promotion Authority (IPA) under the Companies Act 1997 and as a requirement under the Oil & Gas Act,” Avei said.
“Boera Holdings remains as it is and will strictly focus on business activities and its main business activity is the development of Edai town.”
The landowner company (lanco) has plans to develop the new Edai township at state portion 11 along the Papa-Lealea road.
The new development will see the construction of about 700 houses to meet the housing demand in Port Moresby.
The houses will be sold from K200,000 to K400,000.
A ground breaking ceremony for the new township is scheduled on Aug 18.