State Owned Enterprise, Motor Vehicles Insurance Limited or MVIL, today paid a significant amount of dividends to shareholder, Kumul Consolidated Holdings.
A cheque of K35.4 million was presented to the chairman of KCH, Paul Nerau, as Minister for Public Investment and State Owned Enterprise as William Duma looked on.
In a recent Asian Development Bank report, SOEs in the region were identified as liabilities than profitable entities.
But MVIL has bucked the trend by paying dividends to the government.
Minister Duma commended the SOE board and management team for their prudent leadership and management during the country’s current economic situation.
He said that though its common knowledge that companies are struggling in this environment, it is a vote of confidence to SOE’s that MVIL can pay such a large amount back to the government, and ultimately be used for the people of Papua New Guinea.