Milne Bay firm gets machinery on loan

National, Normal

A LOCAL Milne Bay company has received heavy earthmoving machinery from its Malaysian joint venture partner to go into agro-forestry business in the province.
Bay Haulers Ltd received the earthmoving equipment including three new dump trucks, a motor grader, a backhoe and an excavator worth K2.9 million from Karridale Ltd through a special credit arrangement.
The heavy machinery was presented by managing director of Karridale Danny Chiu to Samarai-Murua MP Gordon Wesley representing the landowners in Alotau.
The equipment comes at a time when Milne Bay has seen dramatic increase in development in oil palm industry, forestry and agriculture in the last few years.
Many resource owners had formed companies, unfortunately, many had not ventured far due to lack of capacity and start-up capital.
Bay Haulers Ltd was one lucky company that made a breakthrough in partnering with Karridale, a Port Moresby-based company dealing with heavy duty machineries and equipment.
The repayment arrangement would be over a three-year period.