No immediate dividend payment, says Sonk
Shirley Mauludu | The National aka The Loggers Times | January 19, 2017
DIVIDENDS “will not be paid right away” to the beneficiary groups which have signed agreements to acquire Kroton equity in the PNG LNG project, an official says.
Kumul Petroleum Holdings Limited managing director Wapu Sonk made the statement on Tuesday when PDL (petroleum development licence) 4 from Gobe in Southern Highlands signed their unit application form to buy their share of the Kroton equity.
“What we are doing will maybe go through two steps. After the signing, it does not mean that we will release the dividends right away,” he said.
“We will wait for all the green field areas to go through the normal process of clan vetting, ADR (alternative dispute resolution), to properly identify and register all the landowner groups, ILGs (incorporated land groups), landowner representatives of the ILGs.
“We will allow for that to complete and then we will release dividends. That will take some time.”
Ten (10) groups had signed their share transfer documents as well as the vendor finance offered by KPHL.
“After their signing of the PDL, KPHL will work with these beneficiary groups to complete the corporate or statutory aspect of the transaction for their shareholding interest in KPHL to be registered,” Sonk said.
He assured the landowners that KPHL’s board and management were committed to ensuring that all landowners and provincial governments receive their entitlements under the Umbrella Benefits Sharing Agreement which was passed in 2009 at Kokopo, East New Britain.