KCH to pay K40mil dividend to Oro: Juffa

NORTHERN Governor Gary Juffa says the provincial government is to receive K40 million in dividends from Kumul Consolidated Holdings (KCH) for its shares in oil palm.
“The National Executive Council has endorsed that KCH pays the dividends to Northern and Milne Bay.
“As part of the oil palm producing province, Northern was supposed to receive dividends of about K3 million yearly.
“The money was being paid to KCH , the business arm of the Government,” he added.
Juffa said in the last 35 years, the Government owed the people of Oro about K150 million.
He made the announcement in Numba on Friday.
Juffa said Milne Bay would pick up K51 million in dividends because they had bigger land for oil palm and more shares.
“We fought for Oro and Milne Bay. That money will come to the province now to be used for feeder roads.
“It will be used by our development vehicle, Northern Province Resources Limited, a business arm of the province,” he said.
Meanwhile, Juffa announced three major projects that have been secured with development partners.
He said the projects include the two highways, Afore and Kokoda and the rehabilitation of the Oro Bay wharf.
“For five years, the Australian government will be maintaining the highways under the Transport Support Sector Programme,” he added.
Juffa said the Oro Bay wharf would be rehabilitated at a cost of K200 million.
“When we build Managalas and Kokoda into the agriculture hubs of this programme, your cocoa, coffee and vanilla will be processed at the wharf and exported direct.
“It takes time to build a burnt house, it does not happen overnight.”