Local company makes money in oil palm business

THE palm oil industry is the major income earner for Tobar Investment Ltd, a locally-owned company by the people of Bitapaka in Kokopo, East New Britain.
The company was formed by 200 shareholders who invested 90 per cent of the company’s assets.
Tobar became operational in 2000 as a business group starting with the purchase of a 305.72 hectares of land for agriculture venture.
Acting chairman and managing director Anton Banit said the company owned a total of 500 hectares of oil palm at its Gilalum, Mantua and Watuat estates.
“Tobar Investment Ltd and Ralubang Business Group own the Watuat plantation, in which, Tobar owns K26,000 worth of shares,” he said. Banit added that the company was looking at developing its other property at York near Bitapaka area as an oil palm plantation as well.
“Currently the company has a total of K10 million worth of assets at its disposal,” he said.
Banit said Tobar Investment was looking at establishing its own oil mill to relieve the cost of transportation to the East New Britain oil palm mill for oil extraction.
Banit said investment in oil palm industry had a great economic impact in terms of employment.
“Many locals have the opportunity to find jobs in the plantations and are earning well in their salaries.”