Laba repays K10m loan
The National, Tuesday December 3rd, 2013
LANDOWNER umbrella company Laba Holdings Ltd has finally settled its K10.24 million loan from Esso Highlands.
The landowner company made its final payment of K220,000 to the oil company during a ceremony yesterday.
Laba Holdings took out the loan in 2010.
The cheque was presented to Esso Highlands managing director Peter Graham by Laba Holdings executive chairman Raho Kevau.
Kevau said the money lent to Laba was used to start up its business as an umbrella company to participate in development of the liquefied natural gas (LNG) project.
“The loan was extended (to Laba) to set up its business and used it for facilities, buildings, vehicles and workers’ initial wages.
“Much of the money was spent on facilities and transport,” Kevau said.
Laba Holdings was established in June 2009 as the umbrella company representing LNG project-impacted villages of Papa, Lealea, Boera and Porebada.
Graham said Esso Highlands was keen to work with landowner companies such as Laba to start up their operations.
“Esso Highlands and contractors had made sure that we provided opportunities to local landowner companies,” he said.
Graham said he was pleased with Laba Holdings for its effort to repay the loan within three years.
He said the landowner group had made significant contributions during the construction phase of the gas project.
“Looking at the number of employees that Laba has supplied to the LNG plant site, it has made a significant contribution towards the construction of the facilities”.
“Laba has been an important part in supplying labour to the contractors to help archive the completion of the plant site,” Graham said.
“It’s not just about money but also about developing people, their skills and capacity.
“We are now about to transit from construction to production phase and Laba has made some important strides so far,” he Graham said.
Meanwhile, Kevau said Laba Holdings proved its capability to work with the project developer.
He asked Esso Highlands to engage their company on activities that would develop the next phase of the gas project.