- Port Moresby
- Posted 19th Aug, 2020
Kumul Petroleum Board declares an interim dividend of K100 million to the State
Today, the Board of Kumul Petroleum Holdings Limited (Kumul Petroleum) declares an interim dividend of K100 million (USD29.5 million) to the Independent State of Papua New Guinea.
The declaration and presentation of the interim dividend to the state, was made by the Managing Director Wapu Sonk and Chair of the Kumul Petroleum Board Dr Benedict Yaru to the Trustee of Kumul Petroleum and Prime Minister of Papua New Guinea James Marape in a small ceremony in Port Moresby.
Chairman of the Kumul Petroleum Board Dr Benedict Yaru said, “In accordance with the Companies Act 1997 and the Kumul Petroleum Authorization Act 2015, today, the Board of Kumul Petroleum declares an interim dividend of K100 million to the Independent State of Papua New Guinea and makes this presentation as a symbolic gesture to the payment made to the State”.
On 19 March 2020, the Board declared an interim dividend of K100 million, and authorised its payment to the state. This was the first part of the 2020 dividend to be paid to the State. Today’s presentation is the second dividend payment made this year.
Managing Director Mr Wapu Sonk said that despite the Coronavirus (COVID-19) pandemic and the challenges of oil price fluctuations affecting revenue, Kumul Petroleum continues to carry out its commitment to the State and the people of Papua New Guinea as best it can, given the market conditions.
Prime Minister James Marape was appreciative of the gesture and efforts of Kumul Petroleum to ensure its operations despite the pandemic, thanking the organisation for its continued commitment.
Trustee delegate and Minister of National Planning and Monitoring Sam Basil said on receiving the interim dividend: “As Trustee Delegate on behalf of Trustee, Hon James Marape and PM and people of PNG thank Kumul Petroleum for the K100 million kina interim dividend today, as well as the first interim dividend received in March 2020; which came in at a critical time when the Coronavirus Pandemic was hitting the PNG shores.
There is also a commitment by Kumul Petroleum to support Government with finding a long term solution for the health sector, and particularly in investments to support the fight against cancer and heart diseases.
As the Minister responsible for such an important Company dealing with resource development, I am proud of what the Board and the Management are doing to allocating some funding for the social needs of our people, who are ultimately your shareholders”.
Kumul Petroleum stated that any other dividend payment will be subject to the cash position given the prevailing circumstance. Regardless, Kumul Petroleum remains committed to ensuring that returns to PNG’s investment are to the benefit of all Papua New Guineans and is hopeful for the future given its commitment to further support and promote the development goals articulated in the PNG Development Strategy Plan 2010 -2030 (PNGDSP), through key socio- economic development programs that support rural electrification, education and health.Back to News