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Papua New Guinea government selling stake in Oil Search
September 21, 2017 / 8:12 AM / 3 months ago

Papua New Guinea government selling stake in Oil Search

MELBOURNE, Sept 21 (Reuters) - The government of Papua New Guinea (PNG), looking to cut debt, is selling its stake in Oil Search Ltd, three people familiar with the transaction said on Thursday.

UBS and JP Morgan will sell 31.3 million shares of Oil Search owned by the PNG government, with a floor price of A$6.55 a share, UBS head of equity capital markets Richard Sleijpen told Reuters.

Reporting by Sonali Paul

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