11.11.2011Source: Post-CourierBougainville launches new...

11.11.2011
Source: Post-Courier


Bougainville launches new company


ONE of Bougainville’s vehicles for economic growth had been established and is in operation.
The Bougainville Import & Export General Corporation Limited (BIEG) was set up by the Bougainville Executive Council last month in Buka.
According to a report obtained by this newspaper, this is a public company in the business of imports and exports. It will start operation in general merchandise, wholesale and general hardware wholesale, and then expand to general goods and products export, as well as invest in other businesses including guest houses, restaurants, entertainment, downstream processing and real estate development.
The report details that:
* Total initial investment will be K10 million
* THE share pattern would be 60 per cent Bougainvillean (6000 shares to be sold to Bougainvillean public at K1000 per share), and 40 per cent Chinese investors;
* Profit distribution: Staff welfare fund, development fund and remaining dividend as per share pattern;
* The entity would be head-quartered in Buka and Kokopau with sub-headquarters in Arawa and Buin; and
* Build up distribution system to connect every community co-operative corporation
The BIEF facility will accommodate office, supermarket and wholesale, warehouse for general merchandise and general hardware sale, export warehouse, management personnel accommodation, workers accommodation, staff training/entertainment room, staff canteen, restaurant, guest house, transport fleet, first-aid facility.
The report also details the list of major Bougainvillean shareholders of BIEF, which includes:
* THE Autonomous Bougainville Government;
* Bougainville Trader Ltd;
* Bougainville Business Association, Inc., (BBA);
* THE Bougainville Women Federation;
* Bougainville Veterans Holdings Ltd (BVHL);
* Churches;
* Bougainville Youth Association (BYA);
* All Councils of Elders;
* Capital Development Assets Limited (CDA); and
* Community Cooperative Corporations.
The other shares will be sold to Bougainvillean individuals. Share sales quota will be assigned to North, Central and South Regions of Bougainville, and Bougainvilleans in other parts of PNG.





10.11.2011

Source: ESBC Research



Panguna Landowner statement ahead!



The Panguna Landowners are supposed to make an important statement on Friday, November 11th, 2011, sources said Thursday evening in Buka. This will be reported as soon as possible here!