Kina Securities

Westpac announced last year it was selling its majority shareholdings in Westpac Fiji and Westpac Bank PNG Ltd for up to $AU420 million dollars.

Its preferred buyer was Kina Securities but the PNG Consumer and Competition Commission, the ICCC, has denied authorisation for the sale to Kina Securities.

Westpac has today announced that it will continue to operate the Pacific businesses while it reviews the impact of the decision on Kina Securities.

Business Advantage PNG reports that gas prices returned to the price level of a year ago following a surge of 28.7 percent according to Kina Securities. Meanwhile, Japan/Korea LNG prices are US$6.98 per million British Thermal Units (BTU).

Oil prices also showed welcome signs of strength after rising by 14.3 percent for the month and 38.7 percent for the year. According to Kina Securities, West Texas Intermediate is trading at US$50.85 a barrel.

Reports of China’s demand for imported crude oil has seen robust gains rising 13.5 percent in the first eight months.