Shares

The ICCC Commissioner and Chief Executive Officer Paulus Ain said: "PNG Air has commenced a debt restructure exercise with all its shareholders and major creditors to stabilize its financial performance and enable itself to return to profitability levels following the effects of Coronavirus and the subsequent depressed state of the domestic economy."

"The Proposed Acquisition is part of a debt restructure and relates to an agreement between PNG Air and the MRDC Entities who are existing shareholders in PNG Air.

SPX is the national stock exchange of Fiji, based in Suva.

PCMD is the majority shareholder in PNGX Group Limited, operator of PNGX Markets, Papua New Guinea’s national stock exchange.

In a positive move for the PNG capital market, the Securities Commission has reduced the levies to 0.03 percent on each buy and sell transaction.

The new levies, which will take effect on Tuesday 23 November 2021, brings PNG in line with other developing markets and removes a potentially damaging barrier to the development of PNGs capital markets.

At the same time, the revised levies will bring a much needed contribution to the nation’s Capital Market Development Fund.

The Kina board said in a statement the strategic and sophisticated investors include Phil Mulacek who, together with his affiliated company PIE Holdings LP, will maintain the percentage holding established in November 2014.

Funds raised from this placement will be applied to Kina’s ongoing working capital requirements, particularly in relation to its two key retention licences Petroleum Retention Lease (PRL) 21 (Elevala-1 and Ketu-1) and 38 (Pandora offshore discovery), where pre-development work is ongoing.

He said Sir Mekere’s statement was typical Opposition politics.

O’Neill dismissed the claims as being based on Sir Mekere’s imaginary figures, saying instead that on balance, the State has made around a 100 million Kina from the sale in Oil Search project.

“The State’s investment in Oil Search was the right decision at the time, it helped maintain confidence in the oil and gas sector, but was undermined by unforeseen global factors and baseless political opposition,” he said.

“We always knew that this illegal deal between the Prime Minister, Oil Search and Union Bank of Switzerland was a bad deal, a bad investment and a bad use of public money,” he said.

“But we never knew it would be this bad.

“The total cost to the people of Papua New Guinea is likely to be more than K1 billion. Prime Minister Peter O’Neill must come clean on the exact costs.”

He said O’Neill must also come clean on whether the sale was caused by his Government’s inability to repay the loan.

He said it is a step in the right direction but more economic recovery work is needed.

“As a citizen and national leader of Papua New Guinea, I feel it is appropriate for me to comment on the recent news report by Reuters regarding the PNG Government’s intention to sell the State’s stake in Oilsearch”, said Polye.

KPHL made the official announcement today after the decision was made yesterday.

Chairman Moi Avei said this was a commercial decision by the board that was in the best interest of KPHL.

Managing Director Wapu Sonk said the decision to sell the shares had been looked at over the last two years but had been waiting the right time.

He said with the current pricing, the board decided that it was time to sell.

The MD said the shares were sold at $6.70, a dollar thirty short of the purchase price of $8.

In a media conference today, chairman Ricky Mitio announced the release of 7,021,300 shares at an issuing price of K1 per share.

Mitio said the once in a lifetime opportunity is only applicable to members of ‘Women in Business’, customers of Women’s Micro Bank, and members of PNG Women in Business.

Mitio said the offer will strengthen the Bank’s capital adequacy; expansion of its branch network; improve technology for risk management and banking services; but more importantly give women members direct ownership of the bank.

“We are in the process of finalizing the 33.33% equity sharing splits through the proposed Community Consultative and Awareness Program which will take two months to complete.

He said after the awareness, they will have to formally deliberate and endorsed by the Provincial Council Assembly and the PEC before it is submitted to NEC for deliberations.

Ganasi said as leaders they would like to see that the benefits flow to the people so they are empowered to make decisions over their own resources.