Communications Minister confident in a new telco by year-end, the ICCC initiates review of Kina’s takeover of Westpac, and Ok Tedi Mining pledges K20 million in COVID-19 relief. Your business news in brief.

Swab samples being collected from an employee as part of OTML’s ongoing testing program to make sure all its employees are COVID safe. Credit: Ok Tedi Mining

Banking

The process for a final determination on the proposed acquisition by Kina Securities of Westpac Pacific is now under way. The Independent Consumer Competition Commission (ICCC) says that the assessment will include the impact on competition as well as the acquisition’s public benefits.

Paulus Ain, Commissioner and CEO of ICCC, said the process will be done through a public consultation process.

‘The process has now started and we are formally inviting the people in the finance and banking sector, other commentators, interested parties and the public to the process on the assessment,’ he said. (The National)

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Westpac ATM. Credit: Westpac via Facebook

Westpac PNG costumers can now withdraw up to K2000 from ATMs across the country. The increase withdrawal limit from K1000 to K2000 comes as a response to the COVID-19 pandemic. (The National)

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The Nasfund Contributors Savings and Loans (NCSL) has announced the results of its 2020 financial year. NCSL total assets are K256.8 million – 11.3 per cent more than the previous year. Total revenue increased 13.9 per cent to K32.2 million and, despite 2020 being a turbulent year for employees, members savings increased 11.2 per cent to K219.5 million. (The National)

Mining

Ok Tedi Mining has pledged K20 million to help PNG curve the current COVID-19 wave. Ten million kina will be given to the Port Moresby General Hospital and the other K10 million will help in the procurement, distribution and rollout of the COVID vaccine In Western Province. (OK Tedi)

International

With over 500 Fijians living in Port Moresby, the Fijian government has made a call for all Fijians who are in PNG to ‘come back home’. Fiji’s Health Minister Dr Ifereimi Waqainabete said that he soon will announce COVID protocols for Fijians returning home from PNG. (RNZ)

Telecommunications

Timothy Masiu, Minister for Communications & Information Technology, has said that his Ministry is confident Digitec will be using its operator license by the end of 2021.

Digitec is building over 1,100 towers that when completed and in full operation could see 1000 jobs on the market.

‘I am delighted to inform the public that the introduction of a third mobile network operator will bring much needed competition to the marker to drive retails prices down for the benefit of our people,’ reportedly said Masiu. ‘We’ve also done our independent assessments and we believe mobile coverage could easily jump from 42 percent to 85 percent within one year after the launch of the third operator.’ (FM100)