Kina Bank acquisition of ANZ assets gets regulatory approval, NASFUND members paid K8.5 million in interest and Nautilus to be delisted. Your weekly digest of business news.

Kina Bank has been given regulatory approval by the Independent Consumer and Competition Commission to acquire ANZ PNG’s Retail, SME and Commercial businesses. The move, said Kina Bank CEO Greg Pawson, ‘will strengthen the PNG financial services sector’ and provides Kina Bank with an extended national footprint. The integration program is expected to be completed in September. (EMTV)

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Ian Tarutia, Board Chairman at NASFUND Contributors Savings and Loans Society Limited has announced that members of NASFUND have been paid K8.5 million in interest. ‘This equates to a total of 5.8 percent in total interest payment to its members for the 2018 financial year for the more than 106,000 members NASFUND has throughout the country.’ (Post Courier)

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The common shares from Nautilus Minerals Inc will be delisted from the Toronto Exchange (TSX) on April 3, 2019. (TSX)

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The construction of six cocoa nurseries in Haripmo in Yangoru-Saussia district of East Sepik Province has been delayed because of continuous rain. The nurseries are projected to produce 2 million cocoa seedlings annually. (Post Courier)

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PNG Health Assurance Ltd (PHA) has signed a memorandum of understanding with Lower Ok Tedi Investment Company (Lotic) to make sure the community in Western and Ok Tedi workers have access to affordable health cover and care. (The National)

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National Planning and Implementation Minister, Richard Maru, has said the raw material of the Sepik Plain in East Sepik province could earn about US$25 billion (K8.5 billion) a year when commercially developed. Through Innovative Agro Industries Limited (IAIL), PNG will develop the Sepik Plains, starting with the Haripmo Sepik Chicken, Gran and Cocoa Innovation project. (Post Courier)

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Qantas Link has resumed daily return flights between Port Moresby and Cairns. (EMTV)

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Jiwaka Women and Youth in Agriculture has received K3 million in funding for to assist agriculture programs. (Post Courier)

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Mining Minister, Johnson Tuke, presented several exploration and mining companies with their licenses in a public ceremony to ensure ‘transparency and accountability in the mining industry’. (Post Courier)

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The Human Development Institute (HDI) and PNG Women’s Micro Bank have entered into a partnership that will help MSME get financial inclusion and technical assistance. ‘The MSME partnership program intends to develop 1300 successful entrepreneurs in 2019, with businesses in micro, small and medium enterprises, and today is the beginning of this journey,’ said HDI founder Papa Sam. (Post Courier)

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Photography of the week

Opening #Lae Bank of #PapuaNewGuinea Currency processing facility First facility outside #PortMoresby@WestpacPNG @WhatsGoodPNG @BusinessAdv @PngPles @auspngnetwork @PNG_Insight @Georgez041 pic.twitter.com/RKhMwcHB5x

— Bill Rainnie (@Brainnie1) March 30, 2019