Landowner firm receives K1.25m seed money

Business, Main Stories

The National – Wednesday, February 2, 2011

LANDOWNER umbrella company Mananda Petroleum and Energy Ltd of south East Mananda has received a seed capital of K1.25 million from the government which it will use to engaged in spin-off businesses at the LNG projects.
Using previous funds, the company had  invested K1 million in a joint venture business at the LNG project along side another investment of K100,000 into their drilling company Hibira Development Corp Ltd (HDG) to carry out exploration work in PDL 219 in Mananda five attic.
It also distributed at least K100,000 to shareholders’ nominee companies comprising clans namely, Alo, Lepe, Koara, Kolala, Aya, Tagobali, Wabiago, Onobasulu, Atare and women groups.
Chairman Lepani Kuyali said their vision was to grow and become well-known,  beginning with building its capacity in management to ensure transparency, accountability and unity in businesses.
“We are also establishing networks with other businesses and potential partners,” he added
Kuyali and his board of directors appreciated the release of the money and thanked Minister for Commerce and Industry Gabriel Kapris and the departments of Commerce and Industry, Finance and Treasury, Petroleum and Energy and National Planning and their respective ministers.