Tutumang’s move to buy shares welcomed

By PISAI GUMAR
A DECISION by the Morobe provincial assembly to participate in share equity of the Ramu Two hydro-power and Wafi-Golpu mine projects has been welcomed by a group of landowners.
Ramu Hydro Power Ltd director and chairman of the Yati Group Nelson Yanding Yawising thanked Governor Ginson Saonu and assembly members for the decision reached last Tuesday to buy shares in the two projects.
He said the Yati Group appreciated the Tutumang’s decision to partner the landowners and buy shares independently from the “build own operate and transfer” (BOOT) arrangement with Kumul Consolidated Holdings Ltd.
“We welcome Tutumang’s idea to buy our shares independently so we may avoid KCHL’s BOOT arrangement that may hinder us for another 25 to 50 years to wait for our shares to be transferred after the Chinese BOOT it for 25 to 100 years,” Yawising said.
“It is a decision all districts and LLGs in Morobe must applaud and support – that we will become shareholders to two big economic projects.
“All integrated land groups in Markham support our Tutumang.”
The Ramu II Hydro project
is expected to generate 180 megawatts of electricity. The main distribution facilities will be at Umi-Atzera.
The Shenzhen Energy Group Company Ltd and Sino Hydro Corporation Ltd will develop the project under a BOOT arrangement.
Eastern Highlands and Morobe will buy shares in the 30 per cent State equity estimated at K450 million.