Business News

Community reaps dividends in SME project

by Jack Lapauve Jr – EM TV, Port Moresby

A community-led SME project in Angore, Hela Province has paid off, with the business reaping millions of kina over two years.

TT Angore Noa Hai Investment Limited (TTANHL) held a dividend payment ceremony recently to reward the villages who invested in the business.

TTANHIL is made up of two clans in the PDL 8 area of the PNG LNG project; a total of 223 villagers contributed in cash to start the business. Since its inception in December 2012, the business has grown from buying assets and small holder shares to netting a total asset value of K2 million.

TTANHIL Operations Manager Chris Buna says the business won’t stop there, but will exceed to greater heights as the country provides better opportunities for Papua New Guinea’s to compete, grow the private sector and be part of PNG’s economy.

A total of K270,000 in cash was paid out in dividends to shareholders. The ceremony was witnessed by TT’s management, representatives from ExxonMobil, the Department of Trade Commerce and disciplinary forces and communities from Tabu and Teni in Angore.

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