Kina Securities acquires Westpac Pacific Businesses interests

Kina Securities Limited has entered into sale and purchase agreements to acquire 89.91% of the banking operations in Papua New Guinea and 100% of Fiji, known as the Pacific Businesses, of Westpac Banking Corporation. The company will outlay up to A$420 million / K1,036 million, including A$60 million payable in three A$20 million six monthly instalments after completion, and up to A$45 million of future earn-outs to be paid annually

Ok Tedi declares 2019 Full Year Profit After Tax of K754 million

FOLLOWING the Ok Tedi Mining Limited Annual General Meeting held on 22 May 2020, Chairman Sir Moi Avei KBE announced that the Company had recorded a 2019 Profit After Tax of K754 million (US$222 million). This was an increase of K289 million or 61% compared to the previous year. “The Company distributed PGK 400 million in dividends during 2019 while investing a further PGK 408 million in the strategically important

Oil Search successfully completes oversubscribed $1 billion institutional raising

LEADING PNG petroleum company Oil Search Ltd has successfully completed a placement to institutional investors and the institutional component of its 1 for 8 accelerated pro-rata non-renounceable entitlement offer to raise approximately A$1,080 million (US$650 million) Managing Director, Keiran Wulff, said the combined proceeds of the company’s Equity Raising and a separate share Placement are expected to be up to approximately A$1,160 million (US$700 million), excluding estimated transaction costs. “I

WoodMac tips Brent crude to average US$65 a barrel in 2019

Global markets were volatile heading into the new year. Oil has been no exception, with Brent trading between $62 per barrel on 7 December 2018 before falling to $51/b on 21 December. Mixed macroeconomic data have driven much of the volatility, with political uncertainty compounding concerns of a sharper than expected economic slowdown. What oil price is justified by the fundamentals? Ann-Louise Hittle, vice president, for macro oils at Wood