K700,000 paid out to shareholders

THE Wamp Nga group of companies has paid out K700,000 in dividends to shareholders Western Highlands’ Mt Hagen last week.
The company is owned by the three local level governments (LLGs) – Mt Hagen rural (Western Highlands 60 per cent) Nebilyer (Western Highlands 20 per cent) and Anglimp (Jiwaka 20 per cent).
According to the shareholders, the company operate businesses worth more than K100 million.
Anglimp LLG president Nicholas Kurua said the company had been making profits for the past 25 years.
He said despite of laws (Act) passed in Parliament compelling LLG presidents and ward councilors to resign before contesting in General Election 2022, “we still prefer former Hagen Rural LLG present Wai Rapa and his board to continue to lead Wamp Nga in the future”.
Kurua said during this tough economic and financial situation, the company was capable of maintaining its operations and make profits for dividend payments.
He said Wamp Nga had visions to extend its businesses nationwide.
“We have properties worth more than K100 million and our vision is to reach out.”
“But before we do that, we have to know what type of a manager can lead the company,” he added.