Landco pays 100% dividends to shareholders

 A LANDOWNER company in Hela paid out K270,000 as its first dividends to shareholders in Tari last Friday after two years of self-investment and management under a self-help project. 

The shareholders received 100% dividends, plus share certificates.

The TT Angore Noa Hai Investment Ltd, from the Petroleum Development Licence 8 site, has proven to be a model landowner company. 

According to the company profile, TT stands for Tabu and Teni, two major clans within PDL 8 of the multi-billion kina PNG LNG project. 

It all began when 223 villagers from the two clans contributed funds and appointed 17 directors, including chairman Michael Kuku and the deputy Jim Gini. 

The company was incorporated in 2011 as a small-medium enterprise (SME) business operator. 

Using basic bush material buildings, the shareholders built an accommodation facility at their Kaloma base camp on the road to Angore.At the end of 2012, the company made K36,560, with cash in bank at K3258. The following year it made K146,878 with cash in bank at K208,514.86, with a total asset value of K914,718. 

On Oct 31 this year it recorded a total income of K2,887,947.89 and cash at bank was K492,460.45, with the total asset valued over K2m. 

The firm purchased a small holder oil palm plantation in Kimbe, West New Britain, on Sept 15 as a title.

The project was initiated by Kuku, who was instrumental in the progress of the business, with Chris Buna as operations manager.

Project coordinator and business development consultant Koren Maso, from SME Net Solutions, said that was the first time a local company had paid 100% dividends to its shareholders. 

Maso said accommodation and catering service firm housed PNG LNG project security personnel.