Port Moresby Stock Exchange

CPL Board to recommend no dividend payment

CPL Board Chairman, John Dunlop, said this in his statement to the Port Moresby Stock Exchange in December 2017.

This is attributed to CPL’s trading performance which had deteriorated since the devastating fire that destroyed its Gerehu warehouse in June last year, acute shortage of stock compounded by foreign currency issues, lack of warehousing space and disrupted logistics.

Opening his statement, Dunlop said CPL’s financial position has materially improved since June 2017.

Steamships notes drop in profit

In its half year report to the Port Moresby Stock Exchange, the directors of Steamships Trading Company Limited (Steamships) announced an unaudited profit after tax and minority interests of K43.5 million for the 6 months to June 2016, a decrease of K17.5 million

An interim dividend of 70 toea per share has been declared and will be paid on 30th September 2016, subject to their ability to secure foreign exchange for non-PNG shareholders.

The report states that the drop is a result of current economic conditions of the country.

New Guinea Energy gives notice to delist from POMSoX

In a statement to POMSoX, NGE states the Company has been listed on POMSoX since mid-2008, and 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.

It has proposed June 22, 2016 as the last day of trading and on June 29 the delisting will take effect.

NGE is an Australian company that has historically focused on oil and gas exploration in Papua New Guinea (PNG).