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NKW Group Assists Remote Schools in PNG
by PNG Business News - January 12, 2021
PNG based NKW GROUP of companies has assisted remote schools in Hela Province of PNG by transporting 14,000 plus library books and teachers reading materials from Brisbane to Port Moresby.
The books were donated to Hela Rural Development Foundation (HRDF) by Brisbane based NGO-Project Yumi, who assists remote schools and aid posts in PNG. NKW is one of PNG’s successful Landowner businesses from the resource sector. They offer a comprehensive range of services including building, construction, mining campsite, infrastructure, transport and logistics and more.
The assistance was part of NKW’s corporate social responsibility program in helping PNG communities. The books will be distributed to schools in Hela Province by HRDF through its 2021 programs.
HRDF co-founder Tiken Takili thanked the NKW Group especially Keith Schulstad and Paul Pusal from its subsidiary Pacific Cargo Services for coordinating the transportation from Brisbane to Port Moresby. ‘Great to have locally grown PNG companies progressing well and giving back to PNG communities through such approaches’. ‘Logistics from Brisbane has been a challenge and NKW has assisted in a big way’. ‘We’ll let the Hela communities know of their great support’ Takili said.
PNG Business News - March 05, 2021
BSP Expecting Positive Financial Results In 2021
Bank South Pacific (BSP) Group expects its financial results to be no less than last year’s.This was according to BSP chief executive officer Robin Fleming, who said that the year started off well for the bank. Ending December 31, 2020, the bank made a net profit of K806.2 million, a 9.5 per cent decrease compared to K890 million in 2019. The decrease was caused in part by the effects of the pandemic. Other highlights for 2020:Total assets up by 12.3 per cent and loans up 3.0 per centCost to income stable at 37.4 per cent, 37.7 per cent in 2019Capital adequacy steady at 23.3 per cent, still well above the Bank of PNG requirement of 12 per centLoan provisions increased to 5.9 per centDividend yield at 11.17 per cent based on the share price at K12Increased profit contributions.Fleming said that even with the challenges of COVID, the bank performed well in 2020. “For 2021, we’ve certainly planned on archiving a result which is no less than 2020,” he said. “And the year has started off well and from an investor perspective always caveat by saying that if there had been any material change in our profitability, we would be compelled under the continuous disclosure (requirement) to announce to the market. Therefore absent of any continuous disclosure announcement, we can say that this year has started off as we would have expected according to plan.”He noted, “There has been no event that gives BSP indication to signal to the market that there’s been a change in our operating performance which would require to make a disclosure to our investors.”
PNG Business News - February 15, 2021
Moni Plus Seeks Independent Directors
Heduru Moni Limited T/a Moni Plus is welcoming applications from experienced candidates for the role of Independent Board Director. Heduru Moni Limited T/a Moni Plus is a licensed financial institution under the Banks and Financial Institutions Act (amended) 2000, and providing financial services to its clients throughout Papua New Guinea having branches in Port Moresby, Lae, Mt Hagen, Kokopo and Alotau. The company provides the following products and services:Personal Loans SME Financing Asset Finance Term DepositsFinanciers Guarantee Foreign Exchange Loan Against PropertyIn order to enhance its Corporate Governance structure, the company would like to invite qualified and experienced professionals with impressive track records in the fields of Banking & Finance, Business Management, Audit, Risk & Compliance and/orLegal as an Independent Directors. To be considered, an applicant must be able to demonstrate his/her suitability for the role vis-à-vis:Essential Skills Audit and Risk Management preferable in the Financial Sector ICT, Project Management and Disruptive Business Modelling Finance and Investment Management Corporate GovernanceJob Requirements Have a comprehensive appreciation of the responsibilities of a Director, plus the willingness and commitment to devote the time necessary to fulll the required duties Maintain compliance with external regulations and internal policies Be conversant with BPNG prudential standards BPS 300 Corporate Governance Appointing and assessing the CEO Establishing compensation for executives Must be a current member of a professional organization such as PNGID, AICD or GIA Overseeing the Company’s operations including its controls and accountability system Ensuring that the Company has appropriate Board and Management succession plans Approving the Company’s budgets and business plans and monitoring the management of the company’s capital, including the progress of any major capital expenditures, acquisitions, investments or divestments Establishing procedures to ensure nancial results are appropriately and accurately reported on a timely basis in accordance with all legal and regulatory requirementsProviding Strategic direction for HML Providing oversight to the company’s policies and standardsQualifications Minimum BS/BA in business administration or LLB or related eld; master’s degree preferred; Meet the Fit & Proper Requirements of BPNG Be a professional member of the PNG Institute of Directors Have a good understanding of the PNG economy Have a minimum of 5 years’ experience on the Board (preferable) Have experience at a senior leadership level Have a good understanding of PNG’s nancial services sector & PNG’s socio-economic trendsWomen are highly encouraged to apply!Please address all applications to the Nominations & Succession Committee, Moni Plus, PO Box 1748, Boroko, NCD or email firstname.lastname@example.org, Telephone: 313 2900 Fax: 323 3438. Applications close on 31 March 2021.
PNG Business News - February 09, 2021
Weir Minerals Launches New Modular Anti-Abrasion Panels
Fully customisable, high-performance anti-abrasion solutionsWorking closely with customers in the mining and minerals processing sectors, Weir Minerals’ expert engineers have developed high-performance wear panels for use in all medium- to high-wear applications. The new modular anti-abrasion panels are ideally suited for localised impact and wear points, and assist in the suppression of noise and vibration. The modular anti-abrasion panels are manufactured from Linathane® polyurethane or Linard® HD60 rubber, materials engineered for superior abrasion, cut and impact resistance. The Linard® HD60 panels feature compression moulded natural rubber, with embedded high chromium white iron or ceramic wear resistant blocks for long wear life. The all-polyurethane Linathane® panels feature an orange base with a blue wear indicator layer to assist with maintenance scheduling. These modular panels are easy to fit and replace, and use a self-sealing design to reduce both installation time and costs. Each panel measures 300mm x 300mm and is available in 30mm and 50mm thicknesses to ensure the best fit for specific operating conditions. The interlocking plug design ensures easy alignment, and the secure fastening mechanism reduces the chance of fine material ingress between panels to promote even wear patterns. Each modular anti-abrasion panel solution can be customised to suit specific lining requirements, including availability of a range of arc studs attached to plugs and left and right corner panels.Product design featuresModular panels use a premium quality rubber compound providing superior performance in areas of abrasion, impact and wearLinathane® is a premium quality polyurethane that has an anti-friction compound for use in areas where hang-ups and sticky ore occurHard wear surface for use in a variety of applicationsExcellent noise and vibration dampeningMinimal downtime and loss of productivityQuick and easy to fit and replace, utilising a simple panel and plug fixing mechanismSupplied in convenient ‘kit’ form, complete with a range of arc studs attached to plugs to suit the applicationA cost-effective and practical solution for reliningAll panels can be used across a variety of applications to create a truly customised wear solutionProduct rangeHigh Wear Areas - Linard® HD60 rubber panels with embedded high chromium white iron or ceramic wear resistant blocks. Medium Wear Areas - Polyurethane Linathane® panels. Low Wear Areas - Linard® HD60 rubber panels.
PNG Business News - July 22, 2021
Oil Search Considering Merging with Santos
Santos, an Australian oil firm, announced its plan to combine with Oil Search Limited. Santos proposed a non-binding indicative merger last month with the goal of making the two companies the regional energy champions. The proposed merged entity has a market capitalization of A$22 billion (K56 billion), putting it among the top 20 ASX-listed companies and the top 20 global oil and gas companies. This means, among other things, that the merger will have a diverse portfolio of high-quality, long-life assets spanning Australia and Papua New Guinea, a solid balance sheet with ample cash to support expansion choices, and an investment-grade credit rating. The merger plan, if approved, would be conducted through a Scheme of Arrangement in which Oil Search shareholders would receive 0.589 new Santos shares for each Oil Search share held, according to Santos in a market disclosure to the Australian Stock Exchange. Following the scheme's acceptance, Oil Search shareholders would control 37% of the combined company, while Santos shareholders would own 63%. Based on Santos' closing price on June 24, 2021, the ownership ratio suggested a transaction price of A$4.25 (10.92) per Oil Search share. This was a 12.3% premium to the Oil Search closing price of A$3.78 (K9.72) on June 24, 2021, and a 9.8% premium to the Mubadala block trade selling price of A$3865. (K9.92). Kevin Gallagher, managing director and chief executive officer of Santos, said the merger will bring more alignment to PNG, allowing for the development of important projects such as Papua LNG, as well as the creation of new employment and support for the local economy. Santos, according to Gallagher, has proposed a true merger in which ownership of the combined firm is based on proportionate contribution and value. “The strategic rationale for a merger is clear and offers superior value to Oil Search shareholders rather than continuing on a standalone basis. “Santos continues to believe that the Merger Proposal represents an extremely attractive opportunity to deliver compelling value accretion to both Santos and Oil Search shareholders.” Oil Search stated in its ASX market update that it is open to receiving and engaging with any proposal that is in the best interests of its shareholders. While the company's board of directors agrees with Santos that combining the two firms makes strategic sense, the conditions must be fair to the company's shareholders, which the terms proposed by Santos are not. Despite Santos shareholders holding 70% more shares than Oil Search shareholders, Oil Search maintains that the proposed conditions provide just a 6.8% premium based on Friday's closing share prices for Oil Search and Santos. According to the firm, no such proposal has been made at this time. Reference: Post-Courier (21 July 2021). "Oil Search Open To Merger with Santos".
PNG Business News - July 21, 2021
Study Says Sweet Potato Growers Have Received Significant Insights into Customers Buying Habits
In Papua New Guinea (PNG), sweet potato (kaukau) growers have received significant insight into customer buying habits, which is assisting them in identifying new market possibilities. The recent market analysis, which was supported by the Papua New Guinea-Australia Partnership and conducted by the Australian Centre for International Agricultural Research, revealed that an increasing number of consumers in Port Moresby prefer to buy fresh produce from supermarkets, citing convenience and safety as reasons. While this trend may result in fewer consumers at conventional farmer markets, PNG and Australian experts believe it may open up new marketplaces for rural people. “Farmers are looking for stable markets where they can receive more consistent prices for better-quality produce,” said Professor Philip Brown from Central Queensland University (CQU), who is leading the research project. “The research shows that consumer behaviour is likely to support an expansion in the supermarket sector in large urban centres and this is positive news for the farmers. This could allow commercial focused farmers to secure more stable market access.” The study of 353 customers was conducted as part of ACIAR-funded sweet potato research sponsored by CQU and the PNG National Agriculture Research Institute (NARI), which aims to improve sweet potato value chains by increasing the quality of harvested roots. Sweet potato quality and production are improving, resulting in increasing supplies to retailers eager to provide better fresh produce. “The project, with support from the Fresh Produce Development Agency and NARI, is helping farmers to build their business skills and connect with emerging supermarket opportunities,” said Professor Brown. Kirt Hainzer, a CQU researcher who collaborated on the survey alongside NARI researchers, said it was the first study to look at customer behaviour and see what role stores may play in the development of PNG's commercial sweet potato sector. “The research sought to better understand and compare how consumers buy staples from open markets and supermarkets and to explore the preferences for purchasing staple foods as supermarkets increase the availability of convenience staples like rice,” said Hainzer. “Although expanding formal sales represents a huge step forward in developing a commercial sweet potato industry, continued research on consumer preferences and the market for fresh produce will help better understand trends in staple food purchasing and what market opportunities exist for growers.” With over a hundred kinds of sweet potato in the nation, NARI economist Raywin Ovah said the study sought to find out which of these customers preferred. “Not all the varieties are preferred from a consumer point of view. There are only a few that consumers want to be based on the taste or health properties and that is what we want to also find out. Farmers can be provided with that information, so they produce those varieties that the market wants.” One of five initiatives under the Transformative Agriculture and Enterprise Development Program is a project to increase commercial sweet potato production and commercialization in the PNG highlands. The ACIAR program, which is funded by Australia in collaboration with the government of Papua New Guinea, aims to improve the livelihoods of rural men and women through private sector-led development, increased agricultural productivity and quality, and the development of individual and institutional capacity. Reference: Loop (20 July 2021). “Study looks into sweet potato industry”.
PNG Business News - July 21, 2021
Garry: MRA Evaluating K50 Billion Worth of Investments
According to managing director Jerry Garry, the Mineral Resources Authority is evaluating more than K50 billion in investments in the country. Wafi-Golpu, Frieda River, and Woodlark are among them. “We are also looking at the Central Lime and Cement,” he said. “If that project comes on-stream, it will be one of the first industrial mines ever built in the country.” Garry was speaking at a Port Moresby consultation session on the Mine and Works (Safety and Health) Bill 2021. PNG, he added, was home to some of the world's largest mines. “We have grown from strength to strength,” he said. “If you compare the Bank of PNG statistics, the mining sector alone, in terms of production, has exported over K17 billion in 2020 and 2019. “So it’s a huge industry that we are trying to regulate and manage.” Garry expressed gratitude to the industry for making safety a primary priority. “They have been taking health and safety at the workplaces very seriously,” he said. “We must not only consider (the workers) and the environment but also people living around the (areas) we operate in. “And if we are using any hazards, we must also take responsibility.” The newest mining methods in Wafi-Golpu, known as block cave mining, are one of the new things to expect, according to Garry. “New mining hazards will come with this new mining method,” he said. Reference: The National (20 July 2021). “Authority assessing investments worth K50bil”.