In Brief: signing of the Papua LNG project agreement deferred and other business stories

Welcome,

The signing of the Papua LNG project deferred, PNG LNG signs Singapore deal, and Minister flags new Mining Act. Your weekly digest of the latest business news.

People moves: Interim Cabinet appointments, Air Niugini, Securities Commission of PNG, Maigari Limited, KPMG, Akzo Nobel (PNG), Pacific Foam Group

Welcome,

O’Neill appoints new Treasurer, a new Chair of the Securities Commission, Air Niugini appoints first woman to head a subsidiary,  Ramu landowner board appointments, new partner at KPMG, a new CEO at Akzo Nobel, and a Group Operations Manager at Pacific Foam Group

Kulim prepares to exit Papua New Guinea with sale of New Britain Palm Oil shares

Welcome,

A new player is preparing to enter Papua New Guinea’s palm oil industry, after Malaysian conglomerate Sime Darby was selected as the preferred bidder for Kulim Malaysia’s shares in PNG’s largest agribusiness, New Britain Palm Oil (NBPOL). What do analysts think of the move?

Opinion: Change to Takeovers Code may discourage foreign investment in Papua New Guinea

Welcome,

Trade Minister, Richard Maru, has amended Papua New Guinea’s takeover code, introducing a new national interest test for anyone acquiring shares in PNG companies. The law firms who represented Kulim (Malaysia) Berhad in its recent failed bid for New Britain Palm Oil say the lack of definition about what is ‘the national interest’ will discourage foreign investment in PNG and PNG companies.

Support for Papua New Guinea government reforms, but also ‘unease’

Welcome,

While its aims of encouraging small and indigenous business are universally supported, the Papua New Guinea Government’s recent dealings with investors have created a ‘feeling of unease’ in some business circles.

Kulim offer for NBPOL ‘not in the national interest’, says Securities Commission

Welcome,

The PNG Securities Commission says it is not in the national interest for Kulim Malaysia to increase its stake in New Britain Palm Oil Limited (NBPOL).