Landowner firm to pay dividends

 landowner group Labu Holdings has announced a K1 million profit at the end of 2012 and  a K500,000 dividend payable to shareholders from three Labu villages. 

The profit result was revealed during the company’s general meeting yesterday.

Shareholders from the Labu-Butu, Labu-Miti and Labu-Tale owned 100,000 shares in the company, whose stevedoring firm Lae Port Service, has been operating at the Lae port for the past 16 years.

The company board, whose members are the traditional landowners of the Lae port area, also announced that the company has ventured into the real estate through a K1.3 million investment on an apartment building acquired in Lae and was close to formalising another joint venture with Steamships.

The deal with Steamships will be sealed at the end of this month, where Labu will purchase shares in Pacific Towing, another stevedoring company, worth K7.9 million.

Outgoing chairman and Labu-Tale director Luke Wangi and new chairman and Labu-Miti director Nasinom Dau presented their financial reports for 2007-12 to hundreds of their shareholders yesterday at Labu-Miti.

The event was witnessed by Labu-Butu director Butu Asunu, company secretary David Poka and accountant Joe Auri.