Steamships Trading Company

Steamships sporting calendar ends on high note

A total of sixteen teams took to the courts at the Rita Flynn Indoor Complex last Saturday, with 120 players vying for the prized Managing Director’s Cup.

After pool play, the teams qualifying for the play-offs included Grand Eagles, Gateway Dolphins, CHHO Hotties, Ela Ocean, Truckies Lae, Swire Sailors, Consort and STC Chiefs. 

The fast paced finals saw STC Chiefs from the Steamships head office go head to head with Ela Ocean’s from the Ela Beach Hotel, in what was a nerve wrecking and close encounter.

Out of court settlement by Steamships

This follows an offer made to ICCC by Steamships for settlement out of court because of a delay by the National Court in progressing the matter.

In November 2011, the ICCC instituted legal proceedings against PNG Main Port Liner services Ltd, Steamships Trading Ltd, Kambang Holdings Ltd and Consort.

ICCC alleged that the acquisition of Kambang’s 34,000 shares in Consort by Mainport in 2009 breached section 69 of ICCC Act 2002.

This provision provides that a person shall not acquire shares of a business if it would likely lessen competition in a market.

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.