In brief: BSP considers ASX listing, and other business stories

Bank South Pacific explores secondary listing on Australian Exchange, Highlands Pacific considers selling stake in Frieda River project and strategy to counter coffee berry borer due this week. Your weekly digest of the latest business news.

InBrief02Bank South Pacific (BSP) says it is currently exploring potential secondary listing on the Australian Securities Exchange. BSP Group Chairman Sir Kostas Constantinou says the timing and size of any offer will depend on a number of factors within and outside BSP’s control, including prevailing market conditions and investor appetite.

***

Frieda River gold mine Source: PanAust

Frieda River gold mine. Source: PanAust

Highlands Pacific has revealed it is investigating the sale of its 20 per cent interest in the Frieda River project in West Sepik, reports The National. The disclosure of the potential sale was included in documents lodged for a special meeting of Highlands’ shareholders to be held on May 18, to consider a move by Highland’s 14 per cent shareholder Guangdong Rising Assets Management to spill the Highland’s board and install three of its own nominees.

***

The Government is expected to announce measures this week to fight the coffee berry borer which threatens the K700 million industry in the Highlands. The coffee borer beetle or coffee berry borer is a small beetle native to Africa. It is a new pest in the PNG coffee industry and among the most harmful pests to coffee crops in provinces where coffee is cultivated.

***

Story continues after advertisment...
Motukea Wharf pile driving. Credit: The National

Motukea Wharf pile driving. Credit: The National

PNG Ports says about 36 per cent of work on driving piles into the ground for the new international wharf at Motukea Port in Port Moresby has been completed. Chief Infrastructure Officer Waqa Bauleka says he anticipates the work will be completed in October.

***

Prime Minister Peter O’Neill says the National Executive Council has cancelled all Special Agricultural Business Leases (SABLs), making SABLs illegal. His comments follow concerns by advocacy group Act Now that the leases are still operating. O’Neill told the Post Courier to ‘ask the agencies like Lands and Physical Planning Department why are these licenses are still operating?’

***

jacks-01

Stage One of the Star Mountain Plaza development in Port Moresby has been finished, reports the Post-Courier. This involves the engineering design and commencement of the above ground structure of the Hilton Hotel building and the Kutubu Convention Centre. Project Manager Eric Alome says the company has faced some issues, including a weakening of the PNG kina against major foreign currencies.

***

The Indonesian Ambassador to PNG, Ronald Manik, has told The National that trade between the two countries had decreased by almost 60 per cent on figures five years ago. He said the value of bilateral trade in 2011 was US$443.3 million (K1.374 billion) compared with US$178.9 million (K554.65 million) in 2016.

***

British American Tobacco PNG has removed its entire Dunhill 20s product from the market, after the Department of Health told all tobacco companies to comply with the new Tobacco Control Act 2016. External Affairs Manager David Towe told the Post-Courier  the company fully understands that it is the right of Governments to make and enforce laws and they will continue to be guided by the Health Department.

***

The Porgera gold mine in Enga province. Credit: Barrick Gold Corp.

The Porgera gold mine in Enga province. Credit: Barrick Gold Corp.

The joint venture company operating the Porgera  gold mine in Enga says it has produced 20 million ounces of gold since 1990, reports The National.

***

The National Superannuation Fund (NASFUND) has recorded a 10-year asset growth at an annual average of 15.5 per cent, according to CEO, Ian Tarutia.

***

And finally, a new internet café has opened in Port Moresby to meet the increasing demands of school-aged children. Owner and managing director of CitiNet Internet Café, Jakapi Arigo Mere, says she aims to assist school students with assignments and research, by offering ‘affordable’ internet access, wifi, printing, copying, and scanning  services. She says the cafe is also available to older people.

 

Speak Your Mind

*