Governor Undialu commends landowner firms for gaining ground in BSP shareholding

Hela Governor Philip Undialu has congratulated Petroleum Resources Kutubu Ltd [PRK], Gas Resources Gigira Ltd [GRGL], and the wider family of MRDC-managed landowner companies for their strong and strategic positioning in BSP Financial Group Ltd.

He said the elevation of PRK to the third largest shareholder and GRGL’s entry into the top ten reflect not only sound investment choices, but also the growing influence of landowner entities in shaping Papua New Guinea’s financial future.

“As Governor of Hela Province and an ex-officio board member of both PRK and GRGL, I have been directly involved in the strategic direction and investment decisions undertaken by these entities.

“It has been encouraging to witness the professional governance, long-term vision, and commitment to landowner benefit that have underpinned their rise in BSP shareholding.

“These achievements reaffirm the role of landowner companies as active participants in the national economy,” he said.

Governor Undialu further stated that BSP Financial Group Ltd continues to demonstrate strong performance.

He said in 2024, it paid out a total dividend of K1.66 per share, a 16% increase from the previous year.

With a dividend payout ratio of around 75% of net profit, this represents tangible and growing returns for shareholders, including landowner companies whose investments directly benefit thousands of Papua New Guinean families.

“At a time when concerns have been raised over potential foreign control of strategic national assets, I believe it is both timely and commendable that landowner companies and our superannuation funds have taken steps to strengthen domestic ownership of BSP.

“This is not only a financial decision but a statement of confidence in Papua New Guinean capability. BSP is a national icon, and we must do all we can to ensure it remains in the hands of our people,” he said.

Mr. Undialu further elaborated that beyond returns to shareholders, BSP contributes significantly to the broader economy. It is a major corporate taxpayer—delivering hundreds of millions of kina annually to the state and employs over 4,600 Papua New Guineans across the country.