POMSoX Update

MONDAY 29th JUNE 2009

LOCAL STOCKS

Trading on Friday saw BSP move higher 2.53% to close at K0.81 on the back of CEO Ian Clyne’s announcement that BSP was in talks with Commonwealth Bank Australia to acquire their Fijian Banking and Insurance assets. LGL closed slightly lower at K6.00; NBO also settled at K18.00 and OSH continued to maintain at K11.60.

PNG NEWS
Bill Jasper, Interoil corporation president announced plans for the company to increase its capital investment in PNG following the closure of the recent US$70 million (K188 million) direct stock offering. He said that Interoil were looking to accelerate their upstream exploration activities thus increasing their need for additional capital.

Airlines PNG have announced the appointment of their new Chief Executive Mr. Gary Toomey. Mr Toomey's previous position was as president and CEO of the Air New Zealand group, with annual turnover of NZ$8 billion, 26,000 employees and over 200 aircraft. Since leaving Air New Zealand Mr Toomey has managed his own consultancy business which serviced regional and domestic airlines in developing countries in the Asia region as well as consulting with one of the largest hospitality groups in the world. Prior to joining Air New Zealand Mr Toomey served as Deputy Chief Executive Officer, Chief Financial Officer and Executive Director at Qantas Airways Ltd. In this role Mr Toomey had overall responsibility for the operations, subsidiaries and finance of the Qantas Group. Mr Toomey also spent three years as a non-executive director of the ANZ Banking Group.

MOVERS
Monday’s movers on the local market 25/06/09:
BSP: 2.53%
LGL: -10.00%
OSH: -0.08%