IPBC welcomes Eda Ranu dividend payment

IPBC Managing Director Thomas Abe has welcomed the payment of a dividend to the state by Eda Ranu Limited.

The Port Moresby water utility today handed over a cheque for K3 million based on its 2010 audited accounts and its 2011
interim accounts.

The cheque is to reimburse Eda Ranu‘s share of a K50 million dividend paid by IPBC to the Consolidated Revenue Fund
earlier this year.

This is the first year since 2007 that Public Enterprises have paid dividends, Mr Abe said.

“This reflects the turnaround beginning within Public Enterprises that started with the change of Government last year,” he
said.

“IPBC has conducted a number of reviews and audits of Public Enterprises and now, together, we have begun the task of
rehabilitation.

“Eda Ranu is one of our leading Public Enterprises – this year it was one of only two to achieve full and unconditional
approval for its business plans from NEC and IPBC.

“The payment of a dividend by Eda Ranu, the first since 2007 and only the third in the 10 years it has been vested in IPBC, is
very welcome.

“Not only does it reflect on the hard work, dedication and skills of Eda Ranu management and staff, it represents an
important contribution to nation-building.”

Mr Abe said dividends are required from Pubic Enterprises for two very good reasons:

  • They in still commercial disciplines in Public Enterprises.
  • The people are owners of these organisations and are entitled to a return on their investment.

The payment of dividends this year, and from now on, shows what can be done with a clear vision, a detailed plan and a
determination to meet the needs of the nation, Mr Abe said.

Eda Ranu CEO Billy Imar thanked his new board of directors for their leadership and commitment to paying a dividend.
Net profit before tax was K14.2 million in 2010, he said.

“We are confident that under the new board and with the support of the shareholder, we can look forward to similar or higher
performance in the near future,” he said.

Chairman Loani Henao said Eda Ranu recognised its obligation to provide safe and clean water to NCD residents and also
to operate profitably for the benefit of the shareholders.

He looked forward to exciting times ahead for Eda Ranu.

Thomas Abe
Managing Director, IPBC

Click Here To Download