Bank South Pacific eyes ASX listing via UBS

Bankers at UBS met with fund managers in the past fortnight, testing their appetite for a dual listing of the financial operation in Australia, in addition to the Port Moresby stock exchange, where it is already listed.

The bank — one of the largest listed on the Port Moresby Exchange — has more deposits than loans because of the limited corporate field to lend to in Papua New Guinea, according to sources.

There are a number of economic headwinds in PNG — its biggest market — with inflation running at 6 or 7 per cent, while currency risk remains a factor.

Kina Securities extends voluntary escrow arrangements

In a statement from the Port Moresby Stock Exchange, the two week extension has been provided to enable renewed escrow arrangements to be put in place with Fu Shan to accommodate Bank of PNG regulatory requirements.

The Escrowed Shares represent approximately 20% of Kina's issued capital.

A voluntary escrow was entered into by Fu Shan for a period of 12 months from the date of the Company's admission to ASX and POMSoX.

Those arrangements were described in section of the Prospectus and in the pre-quotation disclosure released on 29 July 2015.

PNG Loop’s 5@5

Prime Minister O’Neill to undertake official visit to China

Papua New Guinea’s economic and trading relationship with China will continue to strengthen with Prime Minister Peter O’Neill’s visit next week to China.



Unitech Solomon Islands students’ morale low

New Guinea Energy Ltd delists from POMSoX

In a notice to the Australia Security Exchange, the company stated that June 22, 2016, was the last day of trading.

NGE announced on April 21 that the Company had been listed on POMSoX since mid-2008. Over this period, there has been minimal trading on POMSoX to warrant further administrative costs to be incurred by the Company, which could be utilised in other aspects of the business.