Spin-off firms pay K1m dividend

Business, Normal

TWO spin-off landowner companies based in Kutubu recently paid a total of K1 million in dividends to their respective shareholders after making profits during the first six months of this year.
The two spin-off companies are Kutubu Security Services (KSS), a wholly- owned subsidiary of Hekari Holdings and Kutubu Catering Services Ltd (KCSL), a subsidiary of Yasuku Oil & Gas Investment Ltd (YOGIL).
Each company paid out K500,000 to their respective shareholders, a “result of good business that Oil Search enjoys in the export market”.
Both firms run spin-off businesses that service the needs of Oil Search Ltd and its workers.
Hekari Holdings employs more than 200 security personnel in its security agency Kutubu Security and also operates ventures like the Hekari Properties Ltd and the Hekari Security Services in Port Moresby.
The dividend payment benefited villagers from Iorogobaiu, Ubogo and Hebaiya who belonged to 33 incorporated land groups (ILGs) of the Heraki region.
Hekari Holdings is run by managing director John Kapi Natto.
Meanwhile, the Yasuku Oil paid K500,000 to 27 ILG and 136 individual shareholders.
Yasuku Oil shareholders come from villages of Mano, Hedinia, Ai’io, Keno and Soka.
Peter Heno, Yasuku Oil managing director, thanked Oil Search for continually supporting their operations, which he said, had benefited company shareholders.