Bank South Pacific signals intention to achieve dual listing, National Fisheries Authority gets ready to launch its 10-year plan and Papua New Guinea says farewell to its founding father.

Banking

Banks South Pacific has signalled its intention to pursue a dual listing. The bank is listed on the PNG Stock Exchange (PNGX) and if shareholders approve changes to its constitution, BSP could be in a position to apply to be listed on the Australian Securities Exchange (ASX). Chairman Sir Kostas Constantinou said: ‘The notice meeting is currently subject to advice and approvals, which are expected to be finalised during March 2021.’ (The National)

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Kina Bank has plans to ‘modernise PNG’s financial services sector’ by offering fee-free banking. Greg Pawson, Kina Bank’s CEO, said that the bank is about to launch the new everyday account, which comes with no monthly and no eftpos fees. (The National)

Airports

To honour the legacy of Grand Chief Sir Michael Somare, Nadzab Airport will be renamed as the Sir Michael Somare International Airport. This was revealed by Governor Ginson Saonu last week at the national haus krai. Saonu said: ‘The changing of the name is to drive the vision for Morobe to become the economic capital of PNG, something Sir Michael advocated for the country,’ he said. (The National)

Fisheries

The National Fisheries Authority (NFA) has submitted a 10-year strategic plan to the National Executive Council. The plan is expected to be launched in April. NFA Managing Director John Kasu said: ‘Our aim is to build proper infrastructure such as ports and jetties and when we have proper infrastructure it will attract more investors and that will bring the cost of doing business down.’ The aims, he said is to get fisheries factories to increase production to 80 or 90 per cent. (Post-Courier)

Mining

K92 Mining will invest K50 million in exploration in 2021, according to K92 Chief Executive and Director John Lewins. He said that this is ‘recognition of the potential that we got here in PNG’. (Post-Courier)

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The Singaporean mining company Niugini Sands Limited has withdrawn its application for an exploration license in the shoreline of Sumgilbar, Madang Province. The project had raised environmental concerns, although Marcus Ong, Director of Niugini Sands, reportedly said that preliminary information showed the Madang sands were of poor quality. (Independent Australia)

National

Papua New Guinea said farewell to its founding father on Friday at the Sir Hubert Murray Stadium in Port Moresby. Despite the surge in COVID cases, thousands of nationals walked the streets to say goodbye. The former Prime Minister’s body has been be flown to East Sepik for burial in Wewak.

Glad to be able to pay my respects today at the Sir Hubert Murray Stadium (and yesterday at Parliament) to #PNG’s founding father the late Grand Chief Sir Michael Somare. May he rest in peace. pic.twitter.com/XCNe2cejjU

— Keith Scott (@KeithScottFCDO) March 12, 2021