GOVERNOR UNDIALU COMMEND MRDC FOR PROMOTING LANDOWNER INVESTMENTS

Hon Philip Undialu: Governor Hela Provincial

Approved for Release

Governor Philip Undialu - Hela Provincial Government

Tari, Hela Province

2nd April 2025

Governor Philip Undialu Applauds MRDC for promoting landowner investment including BSP.

Governor Philip Undialu commended the MRDC for its leadership in promoting landowner investments, particularly at the Bank of South Pacific (BSP) and across multiple sectors.

The Governor highlighted the outstanding achievements of four landowner companies managed by MRDC, which collectively hold over 55 million shares valued at K1.18 billion. This impressive portfolio illustrates the strong commitment of MRDC to empower landowners and enhance their economic participation.

Leading the way is Petroleum Resources Kutubu (PRK), with an impressive 46 million shares valued at K1 billion, securing the 3rd place in shareholding. Following closely, Mineral Resources Ok Tedi No. 2 Ltd stands at 14th place with 3.5 million shares, Mineral Resources Star Mounra is placed 17th with 3 million shares, and Gas Resources Hides Ltd holds 2.4 million shares, positioning it in 19th place. Additionally, several smaller landowner companies have shares, further expanding local investment.

“I applaud MRDC for their diligent efforts in mobilizing landowner companies to invest in BSP, PNG’s most profitable and blue chip company,” said Governor Undialu.

Reflecting on the journey of Petroleum Resources Kutubu, the Governor emphasized the success that has unfolded since its humble beginnings in 2000, when the company initiated its progress with just K30 million. He acknowledged the late former Governor of Southern Highlands Province, Anderson Agiru, for his instrumental role in that investment, despite the criticism he faced at the time regarding such a bold decision. “Today, that K30 million investment has grown to a remarkable K1 billion,” stated Governor Undialu.

The Governor also reassured the landowners of Hides PDL1 about the value of their investments. He shared that the initial K30 million investment made three years ago to purchase BSP shares has yielded K10 million in dividends or profit, with the total value of the investment now grown to K51 million. This marks an extraordinary total gain of K81 million.

“One day, I envision Gas Resources Gigira Ltd also reaching such heights, just as PRK did with its initial K30 million investment. This is a prime example of what can be achieved with vision, determination, and a commitment to growth,” he added.