Oil Search back trading on PNGX, new wholesale internet prices coming and ambitious plans for PNG’s cocoa industry. Your latest summary of the business news you need to know.

Prime Minister James Marape officially launches the Coral Sea Cable in Port Moresby in the presence of Australian High Commissioner to PNG Jon Philp, and Minister for Information and Communication Timothy Masiu, Minister for State Enterprises Sasindran Muthuvel and PNG Dataco CEO, Paul Komboi. Credit: PNG Dataco

After the suspension of trading in Oil Search shares on the PNG Stock Exchange (PNGX), the company has obtained an interim injunction to allow for the resumption of trading. The company is now seeking court orders to confirm ‘the validity of the approvals it received from the Executive Chairman of the Securities Commission of Papua New Guinea’ for its recent capital raising in PNG. (Oil Search)

Infrastructure

The 20-terabit capacity Coral Sea Cable (CS2) has been formally launched at Kila Kila Police Barracks in Port Moresby last week. The high speed undersea fibre optic cable, which was co-funded by the Australian, PNG and Solomon Islands governments, cost $480 million (K1.16 billion). (Post Courier)

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PNG DataCo Chief Executive Officer Paul Komboi expects the Kumul Submarine Cable Network (KSCN) to be commissioned next month, following the completion of the last leg between Kerema and Daru. Komboi also said PNG Dataco would launch new wholesale internet pricing at the same time. (The National)

Retail

Retailers should seek approval from the Independent Consumer and Competition Commission (ICCC) before increasing the price of goods during PNG’s state of emergency, suggests ICCC Commissioner Paulus Ain. The ICCC has been monitoring prices of key goods across the country to ensure raises are key below five per cent. (Post Courier)

Agribusiness

PNG Cocoa Board Chief Executive Officer Boto Gaupu says the board would like to see cocoa production ‘increase to 50,000 metric tonnes, and going upwards to 100,000 in the next five years.’ He said PNG has averaged about 40,000 tonnes per annum over the past twenty years but the plan was to grow production by around 12 per cent annually. (The National)

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The Centre for Excellence in Financial Inclusion and the Fresh Produce Development Agency have signed signed a five-year partnership agreement to provide 25,000 farming families training, services and products in Western Highlands, Jiwaka, Chimbu, Eastern Highlands, Morobe and East New Britain. (The National)

Government

PNG’s Government has secured a K1.2 billion soft loan from the International Monetary Fund. The loan has a 0.0% interest rate over 10 years with a 5.5 year grace period and the first principal repayments will start in December 2025.

‘I want to assure the people of this country that this loan will be put to good use in supporting our proven policy based programs,” said Prime Minister Marape.

‘These include support for our COVID-19 response, Connect PNG, Special Economic Zones to promote exports, HELP program, Agriculture and MSME policy, State-Owned Enterprises reforms, and Public Sector reforms.’ (NBC)

Small and medium-size business

Commerce and Industry Minister William Duma has told Parliament that a review was currently in progress on the list of activities that are to be reserved for PNG-owned businesses. The review will also consider additional business support schemes. The SME Corporation Act is to be amended to give the Small and Medium Enterprises Corporation the mandate to regulate the sector, according to its acting Managing Director Petrus Ralda. (The National)

Corruption

The Independent Commission Against Corruption Bill passed its second reading in Parliament last week, moving PNG one step closer to having an independent anti-corruption agency. Health Minister Jelta Wong believes the first commissioner should be ‘from a foreign country so it’s a fair and just system’. (Radio New Zealand)