The Oil Search’s forward dividend yield for 2018 will be ‘pretty low’ at 1.8 per cent; Analyst Reckons.

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The Papua New Guinea government took a A$1.2 billion (K3 billion) loan from the Australian arm of Swiss bank UBS in 2014 to buy shares in Oil Search, a joint venture partner in PNG’s biggest resources development, the US$19 billion PNG LNG project.

The 31.3 million shares were bought by the government at about A$8 apiece.

The Australian Financial Reviewreports the brokers set a floor price of A$6.55 per share, representing a 3.8 per cent discount to Oil Search’s last close and a 4.3 per cent discount to the 5-day volume-weighted average price, for A$200 million.

Kumul Petroleum Managing Director, Wapu Sonk, reportedly told Loop PNGthe shares were sold for A$6.70 (K19.16), representing an on-paper loss of A$322 million (K760 million).

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