Kina Bank to open new branches in Papua New Guinea, Minister for Information & Communication Technology launches new ICT plan, and Nambawan Super starts construction of Waigani office complex. The business news you need today.

Ground breaking ceremony of Nambawan’s new Waigani Office Complex. Pictured left to right: BSP’s Alasdair Hinchcliffe;  Mokie N0.10’s Martin Milner, NSL’s David Kitchnoge and Reg Monagi, and Lamana Development’s Sir Kostas Constantinou.

Infrastructure

Two airports, Momote in Manus and Vanimo in West Sepik, are almost completed and ready to open to the public, according to the National Airport Corporation‘s Acting Manager, Rex Kiponge.

He reportedly said that the Momote Terminal Building is scheduled for opening on 20 December this year and the new Vanimo Airport Terminal will be operational at the end of January or beginning of February 2022. (Post-Courier)

Finance

Kina Bank has launched a new website and updated its corporate brand. The bank’s Executive General Manager Banking and Country Head, Lesieli Taviri, reportedly said the new website is an extension of Kina’s digital products and is part of a wider strategy to improve digital banking in the country. ‘This means we are becoming a one-stop digital banking solution for customers in PNG. We want people to start their banking journey with us today and watch their wealth grow for tomorrow,’ she said. (Kina Bank)

Kina Bank also announced its plans to open three branches – Alotau, Popondetta and Maprik – with MiBank. The proposed branches will be co-branded and offer Kina and MiBank services. (Post-Courier)

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Bank South Pacific Financial Group has temporarily closed operations in the capital of the Solomon Islands, Honiara, due to recent protests. Fire destroyed BSP’s branch in Ranandi and it’s estimated that it’ll cost K7.5 million to repair.

Meanwhile, PNG has deployed 37 public order management personnel to help contain the situation. Australia and Fiji have also sent troops to help quell the protests. (ABC News)

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PNG’s stock exchange, PNGX, has reported an overall value and volume dip last year. Its Chairman, David Lawrence, said that the total market capitalisation of the 12 listed companies was K91.89 billion. He expects the impact of COVID-19 will be negative next year: ‘The impact of  COVID-19 will be negative on the market next year […] the ongoing foreign exchange restriction are also a negative for overseas investors looking at PNG listed companies.’ (The National)

Resources

Oil Search‘s shareholders will meet next Tuesday 7 December to decide whether to accept the offer from Santos for a merger of the two companies. (Oil Search)

Investment

The dates of the 2022 Business Advantage Papua New Guinea Investment Conference have been announced. PNG’s premier international investment event will take place on 15 and 16 August 2022 in Brisbane. (Business Advantage)

The conferencCommunications

During the launch of the National Information and Communication Technology Authority NICTA Corporate Plan 2021-2025, Minister for Information and Communication Technology Timothy Masiu, suggested the development of a ICT regulatory environment to support businesses of all sizes. He said: ‘The increased demand for ICT services due to the growth of an educated population and the increased in use of digital technologies by business and SMEs in another development challenge.’ (The National)

Construction

The ground breaking ceremony for Nambawan Super’s new Waigani Office Complex on Port Moresby’s Kumul Avenue took place last week, on 24 November, the development will have two four-level office buildings with a total leasing space of 10.656m2, a separate warehouse and secure can parking. Nambawan Super Limited (NSL) plans to move the NSL Head Office to one of the buildings. ‘Waigani has developed into a thriving business district and NSL is capitalising in this to provide better access to member services and ensure the best possible return on investment for our members.’ (NSL)