GLOBAL satellite telecommunications service provider, SpeedCast has purchased Oceanic Broadband to strengthens its presence in Papua New Guinea market, an official says.
Chief executive Pierre-Jean Beylier said: “This latest investment, like our recent SatComms Australia acquisition, further cements our ability to provide our natural resource customers with an unmatched level of local infrastructure and support in the key markets where they operate. “In addition, it establishes a strong point-of-presence for SpeedCast in the fast growing PNG market, strengthening our position as the leading satellite service provider in the Asia-Pacific region.” The satellite telecommunications service provider announced its acquisition of Oceanic Broadband, a leading integrator and solutions provider in the Oceania region on Wednesday. SpeedCast said the acquisition will strengthen the firm’s growing leadership position in Australasia servicing the natural resource sector, a market which Oceanic has been successfully developing for many years. Ninety percent of businesses in the country are owned by foreigners with 2% dominating the banking system, who transfer their profits abroad, general trade division director Max Rai said.
Speaking at a small medium enterprise (SME) workshop in Port Moresby yesterday, he urged Papua New Guineans not be spectators in the economy. “You are all invited to indicate business activities that should be on the reserved list and what should be available for equity participation by non-citizens. “Papua New Guineans have become mere spectators, as our natural resources are harvested and exported and foreign firms dominate almost 90% of business. Telecommunications company Digicel has acquired Remington’s Visat business, National Information and Communication Technology (NICTA) chief executive officer Charles Punaha said.
He said Digicel did not purchase Remington’s communications arm as rumoured. Punaha (pictured) explained on the matter after questions were raised over the business expansion of Digicel. He said any transfer of licenses including any change in ownership in directors, was subjected to a written consent from NICTA before proceeding with any acquisition. He said consent should be sought from Independent Consumer and Competition Commission (ICCC) as well. He said both NICTA and ICCC subsequently gave consent for the acquisition of Remington’s Visat business by Digicel. “Our approval was given first and subsequently ICCC also gave their consent. Consent was given because at that time, Digicel was not in the business of providing Visat service in the market,” Punaha said. Meanwhile, Punaha said the arrangement between Daltron and Digicel was different. “When we requested informationafter we learnt that there was some acquisition of Daltron, we were informed that it was not an acquisition of such. Digicel and Daltron were entering into kind of a business partnership.” “From what we know it was not an acquisition of such. It’s just a partnership where Digicel will provide Daltron with network infrastructure for Daltron to utilise.” THE impact of the Central Bank’s controlling of the foreign exchange rate cannot be realised just yet, a commercial bank says.
ANZ Bank said it was still assessing impact of the change – in particular for its customers. “We received a directive from the Bank of Papua New Guinea advising ANZ, along with all other licensed foreign exchange dealers, to restrict trading the kina within a 150 bps band (75bps each way) on a reference rate of 0.4130.” “This change took effect from June 4 (two weeks ago). “Our business in PNG is still assessing the impact of this change, in particular for our customers, while we analyse additional details and guidelines received from the Bank of Papua New Guinea.” Meanwhile, according to Bank South Pacific (BSP) website, the bank was advised that BPNG would review the trading band in the next three to six months. “The reference rate is subject to change.” BPNG as the regulator of the banking system, issued a notice stating that it has realised there was market failure in trade and transacting of foreign currency and introduced the new basis points. PAPUA New Guinea and New Zealand have agreed to do business in agriculture, constructions and fisheries sectors, Public Enterprise and State Investment Minister Ben Micah said.
Speaking on Sunday, after his return to the country, Micah said PNG imported a lot from New Zealand. In 2012, the country’s total export to PNG valued at K497.3 million, with sheep meat contributing the most at K55.3 million. He said: “In our meetings with the New Zealand Pacific Trade Commission, we (state delegation) discussed wider trade and business. “There is a lot of New Zealand business in PNG and we encouraged further investments and joint ventures between PNG and New Zealand and companies. “We had briefings from the New Zealand Treasury on state owned enterprises (SOEs) reforms and how the treasury is dealing with funds derived from SOEs and other investments.” Micah said the state was discussing on the possibility of Air New Zealand and Air Niugini opening up routes between Port Moresby and Auckland. Deputy high commissioner Nicci Stilwell reaffirmed New Zealand’s government’s commitment to work in partnership with PNG. She said earlier that: “New Zealand’s experience in fostering small medium enterprises and the government provisions in place to support SMEs can be a useful model for Papua New Guinea as it looks to grow the SME sector.” A village in the Turubu local level government, East Sepik, is working on
establishing the province’s first chicken milling plant. The village, Maunwara, had made available over 20 hactares of land for the project. They had registered a landowner company, Kumbugre Investment Ltd with Investment Promotion Authority. Hanz Wamb is the chairman of a newly formed board. Roland Kwimberi, acting managing director, will oversee the implementation of the project. Kwimberi said the Kumbugre Investment Ltd represented all the seven clans of the village. “The company’s primary objective is to incorporate every individual of every status and style to be involved in business activities,” he said. “I am currently working on the company constitution which is in line with the Vision 2050, the provincial and our district plan. “We will do the bio-data survey for the seven clans and incorporate our Incorporated Land Group. It will cost us more money but we will start small.” Wamb was disappointed that no government representative were present during the launching last Firday. However, he said the people should not be discouraged because they had the most valuable resource which was their land. New Britain Palm Oil’s cattle operations in Ramu and Numundo in West New
Britain, had generated K17.4 million in revenue last year. Chief executive Nick Thompson said cattle production looked promising this year. According to its report last year, the company produced 1,435 metric tons of beef, up from 1,304 the previous year. Their entire product was sold domestically. Thompson said although cattle production was just a smaller part of NBPOL’s business, it was gradually growing. “The cattle will be small because you’ll see it as a very small part of our business,” Thompson said. “The cattle had a record year last year in terms of its contribution and I think that will be smashed this year.” According to the report, breeding work continues to steadily improve the herd genetics at both sites and the management’s focus on nutrition and animal condition was showing strong results. Thompson said: “So it’s on an upward trend in terms of its quality.” Constant work on improving pastures, increasing fodder crop production and increased feedlot capacity had seen slaughter weights continue to improve averaging 257 Kgs per head last year. The Ramu and Numundo premium beef brands continue to strengthen with the improved quality. The report said the domestic demand for consistently good quality beef remained high, a trend that looked set to remain for the next few years. “While beef production will continue to play only a minor role in the overall investment strategy for the group, it has its place especially in areas where cattle and oil palms can be intercropped or on areas where oil palms are unsuited as a sole commercial crop. “The company’s commitment to excellence in all facets of the group’s operations is reflected in the improving quality of our cattle and increasing demand for our beef products.” Sea-bed miner Nautilus Minerals is contributing to the country’s health,
education, employment and infrastructure, country manager Mel Togolo said. “We are not just a developer of deep sea minerals; we are a company committed to assisting Papua New Guineans in areas of education, health, employment and empowering women in business,” he said. Togolo said the company was committed to contributing positively to the communities. Nautilus donated K100,000 to the building of the Namatanai community centre. They plan to partner with the New Ireland provincial government to improve sanitation and water supply projects. Twenty percent of the people working for the project are nationals and Nautilus is aiming to increase the projects PNG workforce. |
Papua New Guinea Business NewsWe cover all Papua New Guinea and International business news on this page. Please subscribe to our latest business on the subscribe form available on this page. |