The Asian Development Bank and ATH partner to develop a new mobile broadband telecommunications network in Papua New Guinea, the National Airports Corporations partners with the Fly River Provincial Government and PNG to redevelop the meat industry. The business news in brief.

NAC Acting Managing Director Rex Kiponge (R) and Fly River Provincial Administrator, Robert Alphonse Kaiyun (L) signed the MOU, witnessed by Civil Aviation Minister Sekie Agisa, Middle Fly MP Roy Biyama and Western Province Governor Taboi Awi Yoto. Credit: NAC

Infrastructure

The National Airports Corporation (NAC) and the Fly River Provincial Government are working in partnership to develop the Daru and Kiunga Airports. Last week, both organisations signed a Memorandum of Understanding that provides a legal framework and explains more about collaboration in developments, business opportunities and technical assistance. This is the first time that NAC has entered into a provincial government partnership as part of its business and growth category. (NAC)

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Last week, Connect PNG’s steering committee held a meeting. Credit: Department of National Planning and Monitoring

During a meeting last week, the Chairman of the Connect PNG High Level Project Steering Committee and Secretary for the Department of National Planning and Monitoring, Koney Samuel, reminded all present that Connect PNG is the ‘flagship policy of the Government’.

The Connect PNG initiative aims to develop a much-needed road network in PNG, coordinating with other infrastructure development. But Samuel said that the ‘ability of Government to deliver on this project depended on the support of stakeholders in the committee.’ He also said that despite funding being the ‘biggest challenge’, the committee’s intention is to have the Connect PNG funding as part of National Budget. (Department of National Planning and Monitoring)

Agribusiness

PNG has nominated 2025 as the year to stop importing meat products into the country. LDC lawyer Francis Tavutuna reportedly said that the government through the Livestock Development Corporation (LDC) is planning to revive rundown cattle, piggery and poultry farms in different provinces to achieve this goal.

He said that a MoU has been signed with the East Sepik Provincial Government to revive Warima; a partnership with East New Britain Province has also been signed and that there are plans to do the same in Jiwaka with the Konfarm and Baiyer cattle farms. ‘The Government is serious in working with all these livestock’s farmers and prioritise to revive them going forward … We have given support to many cattle farms and business in livestock however; their job is to assist LDC to increase production,’ he said. (Post-Courier)

Superannuation

The Teachers Savings and Loan Society (TISA) has plans to complete the K100 million Tisa Rua development in Waigani, NCD, during the second quarter of the year. The redevelopment is a 10-storey building with office, commercial and residential space. The building will house the corporate headquarters and the society’s finance company, TISA Community Finance.

TISA has also announced an additional bonus interest of K24.7 million to members for the 2020 year. (Post-Courier)

Telecommunications

Amalgamated Telecom Holdings Ltd (ATH) is one step closer to its new mobile broadband telecommunications network construction project in PNG. ATH has signed the shareholders agreement (investment agreement) with the Asian Development Bank (ABD), which formalises ADB’s participation in the project. Vodafone Fiji Pte limited, ATH’s largest subsidiary, is set to manage the project rollout and operations in PNG.

The PNG telecommunication market is largely underserved with only 34.4 per cent mobile penetration,” ATH Chairperson Kalpana Lal reportedly said. ‘This, together with the size of the PNG market being almost eight times larger than ATH’s current market size, is not only an incredible investment opportunity for ATH but it will also enable ATH and its investment partners to elevate digital connectivity in the country to bring about further economic opportunities and improve PNG’s business environment through private sector development and lift investor confidence in the telecommunications sector.’ (The National)

Mining

Mining company Niuminco Group Limited has agreed to sell its May River project to Kainantu Resources Ltd for AU$500,000 (K1,347,894) – half to be paid in cash and the other AU$250,000 in fully paid KRL ordinary shares upon completion. The sell is still subject to approval from PNG authorities and completion of statutory due diligence. The completion date is announced as 25 June and the sunset date in 31 August.

Niuminco said in an announcement it will concentrate on advancing the Edie Creek Mine project, which includes the renewal of its mining lease for another 10-year period. (PNGX)