\\ Does Airlines PNG actually makes money for NASFUND and MRDC to justify holding 81% ownership? // Airlines PNG has new director December 17,2014, 12:10 am Airlines PNG has announced that Mr Simon Wild, director of Airlines PNG and chairman of Airlines PNG Board of Directors has resigned effective as of December 9, 2014. According to the release Mr Wild has served as the chairman of the Company’s Board since June 13, 2008 having first been appointed as a director on September 22, 2000. He has been the Board chairman throughout the period of the Company’s existence as an entity listed of the Port Moresby Stock Exchange. Mr Wild’s resignation comes with the Company’s shareholders to shortly consider a series of resolutions that will have the effect of reducing the Wild family’s shareholding in the Company, founded by Mr Wild’s late father Sir John Wild, from (all figures rounded) its current 61% down to 5%, while seeing current significant shareholders the National Superannuation Fund and the MRDC group companies increase their holdings to a total of 81%, thus becoming the new majority shareholders in the Company. The Board in a statement released to the market yesterday, has acknowledged the selfless gesture of the late Sir John Wild in agreeing to the buy-back by the Company of the majority of his holding in the Company, essentially as a gift. The Board also thank Mr Wild for his tremendous contribution to the Company both before its listing and since. Mr Wild’s experience and knowledge of the aviation industry in general and of the industry in PNG in particular, and his knowledge and corporate memory of the Company and its operations have been invaluable to the Company. The Board is pleased to see that the Wild family will continue to have an involvement in the Company through its ongoing shareholding, as stated in the release. After accepting Mr Wild’s retirement, the Company’s Board appointed Mr Murray Woo as the new chairman of the Company’s Board of Directors. Mr Woo has extensive business, board and board chairmanship experience in Papua New Guinea, and has been a director of the Company since August 2012. Mr Woo is the managing director of Woo Textile Corporation Limited. He is the chairman of the Manufacturers’ Council of Papua New Guinea, having been a founding director of that body. Mr Woo holds positions on various other boards, including (amongst other directorships) those of the National Superannuation Fund, the NASFUND Contributors Saving & Loans Society and the Business Council of Papua New Guinea. dev.postcourier.pg/Stories/airlines-png-has-new-director/#.VJEdrU09KWk
Posted on: Thu, 18 Dec 2014 04:05:50 +0000
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