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Shareholders want shares back

Shareholders of Mainland Holdings from rural Morobe and Oro Provinces called on the Morobe Provincial Government to help assist them to take back MHL.

The company was built from coffee in the 1970s and belongs to the people of Morobe, who are the original shareholders.

Mainland Holdings Limited operates several businesses including the largest, which is Tablebirds, 3-Roses Flour, and the Crocodile Farm in Lae.

The original shareholders of Mainland Holdings Limited from Morobe and Oro Provinces appealed to the Morobe Provincial Government and the National Government to assist them to take back their company.

Sixteen business cooperative groups formed the company. Twelve left after facing management problems. Four are still maintaining their positions in the company.

Mainland Holdings Limited was established in the 1970s as a coffee exporting operation. The original shareholders are villagers from Morobe and Oro Provinces, who are currently minority shareholders.

The company owns six other businesses including the largest of which is Tablebirds that produces ‘3 Roses’ flour at its own mill in Lae, the Crocodile farm, and Moale Trading.

Since 2010, the management at that time sold ninety-nine percent of their assets including the ABCO Transport, Huon Electrical, and Territory Packaging.

In May this year, Morobe Governor, Ginson Saonu said the Provincial Government aims to sign an MoU with the current major shareholder, NASFUND to have shares of Mainland Holdings return to the people. 

The shareholders thanked the Provincial Government for stepping in to assist them with the help of a consultant.

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