Today John Nilkare, Company Secretary South Pacific Brewery Ltd (SPBL), issued large local shareholder, Nambawan Super Ltd (NSL) a K10.9 million dividend payment for FY18.
“At our April Board meeting, an interim dividend of 50% profit after tax for FY18 was declared, which has resulted in Nambawan Super Ltd being paid K1.60 per vested share in SPBL.”
Nilkare stated that SP Brewery is proud to have a significant local equity partner in Nambawan Super.
“Nambawan Super has more than 200,000 members, many are also suppliers of our products through their retail businesses and of course many more are consumers.
“It is gratifying to know that every day Papua New Guineans are the beneficiaries of the profits of SPBL.
“It is a virtuous circle in local production, supply, and consumption where wealth is shared through the country.”
Nilkare stated this was in sharp contrast to the disbenefit of cheap imports being dumped on our shores.
“SP Brewery has been hit with exorbitant excise increases in the midst of the COVID19 pandemic and now our local beer prices have been driven so high people are shifting to cheaper alternatives.
“Meanwhile illicit alcohol and cheap spirit manufacturers are not paying taxes – so it’s a no-win situation.”
Namabawan Super CEO, Paul Sayer, thanked SPBL for the FY18 dividend payment.
“For the benefit of our members, who are proud part-owners of SP Brewery, I encourage SPBL to continue dialogue with the Department of Treasury and PNG Customs to address the excise hikes
“These taxes are proving detrimental to an important, long-standing, local business and employer and Pacific Icon,” Sayer said.
“It is not just big business being impacted by these tax hikes, the retirement nest eggs of more than 200,000 members of NSL also benefit from the success of SPBL.”