Govt already concluded K3 billion loan with UBS Post Courier - March 25,2014, 06:03 pm Govt already concluded K3 billion loan with UBS By Gorethy Kenneth THE Government has already concluded the K3 billion loan with UBS to purchase 10.01 per cent shares in Oil Search Limited with the share transfer taking place on March 13th. This means the Ombudsman Commissions investigations will look into what has happened rather than stopping the deal from going through. Senior government officials confirmed yesterday that the deal has been completed and the shares were already issued to the Independent State of PNG, who is now the second single largest shareholder in Oil Search. The funds have already been transferred to Oil Search Limited, allowing it to complete its acquisition of PacLNG, thereby giving Oil Search a 22.835% equity in Petroleum Retention Licence (PRL) 15 in the Gulf Province, which contains the Elk and Antelope gas fields, on March 13th. Senior government advisors told the Post Courier yesterday that the instruments for the UBS loan were already signed and sealed by the Governor General Of Papua New Guinea Sir Michael Ogio and the Cabinet.
Posted on: Tue, 25 Mar 2014 22:55:23 +0000
Trending Topics
Recently Viewed Topics
© 2015