Steamships Trading Company Limited

ICCC sues Steamships

A ruling on the motion was handed on 27th March 2018 in favour of the ICCC, dismissing Steamships Trading Company’s motion to dismiss the case.

The court granted the case to go for trial.

ICCC made its intention known today through a media conference to pursue the case against Steamships Trading Company Limited and others for certain behaviours in the coastal shipping industry resulting in infringing and non-compliance with the principles of the ICCC Act.

Shortage in foreign currencies delay dividend payments

Steamships Trading Company Limited in a statement to Port Moresby Stock Exchange notified that the interim dividend payment of 2016 will not be effected on Sept 30, 2016 for non-PNG shareholders due to the mentioned reasons.

Currently due to Bank of Papua New Guinea exchange controls there is a large back log of currency purchase orders

However, it is anticipated that payment will be effected by Oct 10, 2016 on current conversion availability.