TWL offering 35% of equity in company

Caption: Staff of TWL in front of  hauling trucks at Moro. –  Nationalpic by SHEILA LASIBORI

 By SHEILA LASIBORI

 

SOUTHERN Highlands-based transport company Trans Wonderland Ltd (TWL) is offering an un-acquired 35% equity to landowner companies (lancos), according to managing director Larry Andagali, The National reports.

So far, 65% has being taken up by existing lancos, the latest being Moran Ina Naga Ltd, which paid K240,000 for its 10% equity share covering areas in petroleum development licence (PDL) 5 and 6 (each have 5% interest in the purchase).

Witnessed by some company directors, Moran chairman Tony Kila made the cheque payment to Mr Andagali on last night in Port Moresby during the deal signing between Hides Gas Development Corp (HGDC) and Business for Millennium Development (B4MD).

TWL, which started operating last June but formally launched only in July, has 21 earth-moving equipment to date from the initial 17 and employees over 120 staff.

According to Mr Andagali, the Moro-based company with offices in Lae for LNG cargo coordination would go into shipping and aviation.

“TWL will also move into aviation and shipping … we are having discussions and are still working on it,” he said, adding with the support of Moran and other lancos, they would reach their investment goals.

 “So everyone in Hides, Kutubu and Moran … we still have 35% that is available,” he said as he called on landowners in areas along the LNG pipeline, Angore, Juha, Komo airfield, PDL 1 and 5 to form their companies and buy shares in TWL.

Mr Andagali said starting from Moran at the border of PDL 6 into Juha, Angore and Hides would take up 50% in TWL while Kutubu, Upper Foe and Lower Foe including Poroma access road landowners would own the other 50%.

He said TWL was also working with Gobe and Kikori landowners who owned a transport company.

“We are in discussions for a joint venture tie-up to provide transportation services from Kopi all the way to Hides so there is no interruption.

“TWL is to be one-stop-shop transport and logistics company … we are working towards that aim to build up to 100-300 truck-fleet but working towards 100 trucks,” he said.

TWL’s six-monthly meeting for shareholders is due this month end.