Airliner completes programme

 By GYNNIE KERO

Airlines PNG recently completed a recapitalisation programme that saw the sorting of increased investments for NASFUND and Mineral Resources Development Company (MRDC), an official says.

Chief commercial officer Paul Abbot was responding to The National regarding last Thursday’s announcement on the lifting of a ‘suspension notice’ on APNG.

“It (suspension) was originally put in place sometime back when we were going through the recapitalisation programme but now that this is all sorted out with NASFUND and MRDC increasing their investment, the suspension notice is lifted and it is business as usual,” Abbott said.

Last October, Airlines PNG received confirmation from NASFUND and MRDC among other major shareholders to increase their respective shareholdings in the airline.

Airlines PNG chief executive officer Muralee Siva had said: “With greater involvement from institutional shareholders and the continued support of the people we will ensure much needed competition in air transportation services is available to assist in developing this great country.”

Over recent years Airlines PNG has considerably restructured its business by focusing on the domestic market, where it has expanded its regular passenger services significantly. 

It remains uniquely placed to capitalise on opportunities in the aviation charter market as significant contracts in the resource sector are awarded.