Kutmor shareholder receive K1m dividend

A total of K1 million has been paid to shareholders of landowner company Kutmor on the eve of Christmas 2016 in Kutubu.

 Kutmor is a company owned by landowners from the Kutubu, Mananda, Moran, Benaria, and Lower and Upper Foe areas in the Southern Highlands and Hela Provinces. They have been operating for four years with the Kutmor board approving its first dividend payment of 50 toea per share.

The company was established with assistance from the Oil Search business development team, to enable project area landowners sustain their livelihoods through non royalty-based income streams. Kutmor’s income is derived from various long term service contracts which were initially based on the provision of managerial, administrative and semi-skilled personnel to Oil Search, along with associated plant and equipment.

 Over the four year period, Kutmor has diversified to include income streams outside of direct Oil Search contracts and include work such as managing the construction of the Komo to Ajakaiba road and other tax credit and civil work activity. Shareholding in Kutmor is made up of 14 classes representing people in petroleum development licences (PDL) 5 & 6 in Moran, PDL 2 Kutubu, Lower and Upper Foe.

Julian Fowles, executive general manager in Oil Search’s PNG business unit said: “It is wonderful to see the efforts of our landowners to build new and sustainable businesses in our operating areas paying off in the receipt by Kutmor shareholders of this substantial dividend. Kutmor provides a reliable and high quality service to Oil Search and they look forward to continue to working together to build on their  joint experience.
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