ICCC DECLINES APPLICATION TO PURCHASE SHARES IN PNG AIR
July 29, 2021
In November 2020, Link PNG was approached by PNG Air who requested that Link PNG reapply to ICCC to purchase shares in PNG Air (being the shareholding presently held by Nasfund).† Upon PNG Airís request, Link PNG made this re-application to ICCC
Link PNG understood this request was a consequence of the ongoing effects of Covid-19 on PNG Air, but equally we remain of the view that the proposal provided significant benefits to the people of PNG, whilst still ensuring competition remained in the PNG aviation market, and airfares did not increase. It was the view of both airlines that the operational cost savings from the proposal would enable a stronger and more dynamic airline industry in PNG over the longer term.
ICCC has advised that the application to purchase shares in PNG air has been declined, and consequently Link PNG has advised PNG Air of this outcome.