Share buyback and recapitalisation at Airlines PNG, lucrative tuna deal signed with United States, and Digicel in talks over buying shares in EMTV. Your weekly digest of the latest business news.

Airlines PNG Ltd is undertaking an ownership restructure which will see an injection of substantial new capital. The deal involves the company buying back about 54% of its shares from the founder and current major shareholder, Sir John Wild, for a token price of K1 in total. Mineral Resources Development Company (MRDC) and National Superannuation Fund (NASFUND) will then apply for new shares, increasing their shareholding to about 40% each.

MRDC and NASFUND will inject K20 million into the airline for the new shares. Sir John Wild’s shareholding in the company will then be reduced to about 5%.  Existing shareholders will then be offered the opportunity to purchase further new shares, on similar terms to those for the share issues to MRDC and NASFUND.

* * *

Pacific Island countries and the United States have reached a US$90 million tuna deal, which is believed to be the world’s most lucrative fishing access agreement. James Movick, Director General of the Forum Fisheries Agency has warned the next deal with the US will be different.

* * *

Click TV’s Richard Broadbridge

PNG’s first commercial digital channel, PNG TV, is releasing its set top boxes into the market. PNG TV is part of the Click TV platform, which now has free-to-air and pay-TV licences. Founder and Managing Director, Richard Broadbridge, says Click will broadcast the 2015 Pacific Games in High Definition on its Pacific Games Channel.

* * *

Fiji Television Ltd and mobile operator Digicel have been in talks about the possible purchase of shares, or outright purchase of EMTV, Fiji TV’s subsidiary in PNG, and PNG’s main free-to-air television station.

* * *

The chairman of the  National Research Institute , Dr Thomas Webster, has called on the National Government to stop issuing tax incentives, saying they increase the tax burden on ordinary taxpayers and most are secretive.

* * *

NRI Chairman, Thomas Webster

Air Niugini has signed an agreement with Qatar Airways, which will expand its network in Africa, Europe and Middle East.

* * *

Trade, Commerce and Industry Minister Richard Maru wants the Melanesian Spearhead Group (MSG) trade agreement to include services and labour mobility. The government is contributing K2.2 million towards the hosting of the second MSG investment summit, being held in Port Moresby next month.

* * *

Coffee roasting. Credit: Pacific Islands Trade & Invest.

The Coffee Industry Corp and PNG-based Singaporean company Outspan will spend K261,000 to revive run-down coffee plantations in Goroka, Eastern Highlands Province.

* * *

The government wants the cocoa industry to produce 310,000 tonnes by 2030, according to Department of Agriculture and Livestock Acting Deputy Secretary Potaisa Hombunaka. He says cocoa production fell to 40,000 tonnes last year.

* * *

Crater Gold has received an environment permit for its Nevera High Grade Zone (HGZ) gold project at Crater Mountain in Eastern Highlands Province. CEO Greg Starr says it take the company another step closer towards becoming a gold producer.

* * *

Fiji’s High Commissioner to PNG, Romanu Tikotikoca.

Twelve PNG companies have investments worth K300 million in Fiji. Fiji’s High Commissioner to PNG, Romanu Tikotikoca, says Bank of South Pacific, Grand Pacific Hotel Ltd and Pearl South Pacific Resort are the biggest investors. Fiji exports to PNG rose from K24 million in 2010 to around K79.74 million last year.

* * *

Landowners from Papa village in Central Province have called on Veadi Holdings, owned by Leighton (PNG), an Australian Company, to stop work on their traditional food gardens and hunting areas saying the work is illegal. The SABL inquiry recommended the Veadi Holdings lease be revoked and reviewed last year.

* * *

The Registrar of Companies, Alex Tongayu, has warned foreign and local businesses in the country to lodge their annual returns by mid-January 2015, or face hefty new penalties.

* * *

Eminent Papua New Guinea journalist, Blaise Nangoi, has died suddenly in Bougainville. Mr Nangoi worked at the Post Courier newspaper for 32 years, becoming its editor for a seven-year period and later the General Manager.

* * *

Australian companies are increasingly being targeted by elite Chinese hackers for the purpose of learning trade secrets, according to cyber security firm Mandiant. It says hackers are looking to steal intellectual property and  are also seeking more details in the midst of close dealings with Chinese state-owned enterprises.

* * *

The US-based fund management company Firebird has begun appealing an Australian court’s decision to lift a freeze on Nauru’s bank accounts. Firebird is trying to recover US$27 million owed in government bonds issued in the late 1980s.

* * *

Finally, coins featuring Disney and Doctor Who characters have become legal tender on Niue. They have a face value of $NZ2, but with a sale price of NZ$108 and NZ$755 respectively, there’s nothing ‘Mickey Mouse’ about their worth.