PNG Air to issue shares to long-serving employees

PNG Air says the first issue of shares under PNG Air’s employee share scheme will be made to long-serving employees this week.
Shares were issued to 167 employees – 65 of whom have been with PNG Air for 10 years or more.
Chief executive officer Muralee Siva said the airline’s board was happy to see long-serving employees become shareholders in the company. “It shows that PNG Air greatly values the contribution and effort from these loyal employees,” Siva said.
“It wants to share the benefits of the future success of the company with them.”
Siva said the number of shares given depended on the length of employment, and not on the position they held or the amount they earned.
“Share issues will now be made each year under the employee-share scheme.
“We believe the scheme will help PNG Air retain staff, and encourage staff to treat the company’s interests as their own, and that attitude will ultimately flow through to a better service for our customers.”
The airline underwent a rebranding process last November to coincide with arrival of its new ATR-72-600 series aircraft. The two majority shareholders are the MRCD representing many landowners, and NASFUND, representing contributors from the private sector.