The Company City Pharmacy Limited (CPL) Group is a leading retailer in PNG and has a combined retail operation of 64 stores nationwide. It employs 3700 people, of which 97% are Papua New Guinean citizens. CPL’s retail network spans health and beauty chains, supermarkets, hardware stores, coffee shops, a multiplex cinema, a clothing company and duty-free shops. Established in 1986, CPL started…
The Company Credit Corporation (CCP) commenced business in 1978 as a general finance company. CCP specialises in providing a range of financial products, including chattel mortgage, lease finance, variable rate contracts and insurance premium funding, and it also offers attractive investment facilities. In addition, CCP manages and owns a portfolio of prime real estate assets. The general…
The Company Established in 1985, Kina Securities (Kina) is a diversified financial services provider offering financial solutions including savings accounts, small business loans, investments, mortgages, stockbroking and financial advice, investment management and fund administration. Kina saw its net assets grow by 146%, shifting the company into a dynamic, diversified financial services…
The Company Newcrest Mining (NCM) is an Australian-based company engaging in the exploration, development, mining and sale of gold and gold-copper concentrate. NCM emerged from the merger of Newmont Australia and BHP Gold in 1990. Newcrest has been listed on the Australian Securities Exchange since 1987 (initially as Newmont Australia). Newcrest also listed on the Port Moresby Stock Exchange…
The Company New Guinea Islands Produce Agmark (NGIP Agmark) is a diversified agri-business based in PNG and operating plantations, coastal shipping, hardware, machinery, trucking, logistics, stevedoring, retailing, engineering, and property development and investment. Headquartered in Kokopo, East New Britain Province, it was formed due to the amalgamation of two companies, New Guinea Islands…
The Company Oil Search (OSH) has been incorporated in Papua New Guinea since 1929 and has a market capitalisation of PGK28bn ($9.6bn). OSH has a 29% interest in the PNG Liquefied Natural Gas (LNG) project, which is operated by ExxonMobil PNG. The PNG LNG project has a capacity of 6.9m tonnes per annum (tpa) that came on-stream in 2014. This project has transformed OSH into a significant oil…
Like the equity markets, the debt markets in Papua New Guinea are set for a major overhaul. Work is being contemplated and being done, with World Bank support, on the relevant market infrastructure, regulators and regulations, and the processes and procedures for the issuing and trading of securities. The debt markets at the moment are largely over the counter (OTC) and manual, with a low level…
This chapter examines Papua New Guinea’s legal framework, focusing on regulations affecting foreign investors, restrictions and laws for companies, taxation and Customs duties, and other important areas. It also contains a legal viewpoint from John Leahy, Partner, Leahy Lewin Lowing Sullivan, on proposed reforms to PNG’s land use regulations.…
This chapter explores Papua New Guinea’s tax regime, focusing on issues slated for Treasury consideration, current corporate taxation guidelines, withholding rates and other key areas for investors. It also contains an interview with Jonathan Seeto, Territory Partner, PwC.…
While Papua New Guinea remains a relative newcomer to the global tourism stage, international arrivals to the country have risen steadily over the past decade, from just over 69,200 in 2005 to more than 198,600 in 2015, according to data compiled by the PNG Tourism Promotion Authority. Although notable, most of the increase has been driven by the influx of business travellers and workers that has accompanied…
