Mainland Holdings calls for support from Morobe government

MAINLAND Holdings Ltd is a heavyweight and Morobe’s flagship with its diversified agricultural business which has derived its strength from local cooperative society groups.
After a period of struggle, Nasfund became the company’s major shareholder in 2010 with the acquisition of 78.8 per cent of the shares.
MHL group human resource manager Elijah Monope said successive Morobe leaders needed to appreciate that MHL belonged to the Morobe people, however, they had not acted to support the company apart from Luther Wenge in 2002.
“I want Morobe provincial government to invest in MHL through its business arm Kumgie Holdings Ltd (KHL) to buy shares in MHL and own the company that is the pride of Morobe,” Monope said.
Pioneer MHL shareholders include Sai Business Group, Dulligo, Ama Koya, Bukop, Yomga, Fiwa, Pasekwep, Kongiam Kending, Alisa Enterprise Ltd, Jeru Ltd, Kumgie Holdings Ltd, Wabunawa and Finschhafen Marketing Development Cooperation (FMDC).
The cooperative groups own only 22 per cent shares in MHL, while FMDC sold its entire shares recently.
KHL owns just 0.07 per cent shares in MHL.
“The provincial government through KHL should buy more shares in MHL likewise the Pangu Pati government must also invest in MHL for the benefit of the cooperative society groups.”
Monope made the comments when officiating at the opening of a new office space for Wabunawa Holdings Ltd at 5-Mile, Lae, on Friday.
“We’ve seen the success of cooperative groups with spin-offs in engaging other contractors.
“MHL in terms of contract activities allows shareholders and other businesses to participate,” he said.