Share trading levies reduced

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.

KPL raises K12.7m for ongoing work

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.

O’Neill condemns Sir Mekere’s statements

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.

Sir Mekere calls for probe into OSL shares

“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.

Polye hails Gov't for selling OSL shares

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 sells OSL shares, loses K760m

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.

Women’s Micro Bank offers shares

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.

Ganasi maintains stand on equity shares

“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.

ABG shares to be held in BIEG

Acting ABG Secretary for Economic Development, Albert Kinani said the entity being the business arm of the ABG is responsible for all investments made by the government and that includes the ABG’s shares in the Chebu Shipping Company and the recently acquired shares in the Bougainville Import Export General (BIEG) Corporation Limited.

Kinani explained that in the case of BIEG, the company is currently trading as a private company which under the Company’s Act of 1997 allows for people or entities to purchase shares in the company.

Ok Tedi Landowners call for unity

President of Ok Tedi Mine Impacted Area Association (OTMIAA) Nick Bunn on behalf of the people of Western Province said the benefits must be shared with the right full landowners of the mine Villages.

He said the landownership issue has been outstanding for a very long time.

“We are now looking forward to working closely with the Government to ensure that the K5b for the people of Western be given back through a transparent, fair and benefit structure which will be distributed according to the sharing structure which will be agreed to through the awareness program.”