By Jack Lapauve Jr, EMTV – Port Moresby
Water PNG yesterday presented a dividend cheque payment for K5.6 million to Kumul Consolidated Holdings (formerly IPBC).
During the 2013 and 2014 financial year, Water PNG achieved a steady expansion on the provision of safe water supply to provinces and districts.
“This increased payment is a result of Water PNG sound cash flow and prudent cost management,” said Water PNG Managing Director, Raka Taviri
Taviri said that upon the direction of Kumul Consolidated Holdings (KCH) in November 2013; all SoEs were to pay a dividend rate of 5 per cent on total retained earnings and reserves or capital cmployed project as at December 31, 2013 (which is paid in 2014).
In August this year, Water PNG Board in its Meeting BM 204, approved the final dividend payment to be based on capital employed and at a reduced rate of 2.5 per cent for the years 2013 and 2014.
As a result, the 2013 dividend adds to K2.6 million while 2014 is K3 million, bringing the total to K5.6 million, he explained.
Taviri said in addition to the K5.6 million, Water PNG made preliminary dividend payments to KCH in 2011 and 2012 totaling to K500,000 and K750,000 respectively.