Lanco to pay dividends

 HIDES Gas Development Company, the umbrella landowner company representing regional landowners from the upstream section of the PNG LNG projects, will pay dividend to its shareholders from the profits earned from 2010 and 2011 financial years. 

The company,  which started operating in late 2009, represent regional lancos from Komo Airport, Hides petroleum development licence  PDL -1, Hides PDL 7, PDL 8, Juha PDL 9 and Benaria pipeline.

Chairman Tuguywani Libe Parandali said: “We have waited patiently for the local level government election in the area to be completed and now that it is complete, the company is making preparation for the payment of our first dividend to the shareholders and community following approval by the board of directors

“We started with capital invested by shareholders and this is our first dividend payment and we know the shareholders will be happy to receive their dividends.” 

The payment of the dividends showed the hard work, sacrifice and commitment that the board, management and staff of HDGC made in difficult circumstances to grow the company and remain profitable so that HGDC can pay dividends to its shareholders, Parandali said.

“For the company that started from very humble beginnings to have a dividend is a significant achievement and I must commend everyone that has played a role developing, supporting and promoting the company to achieve this results.”