Business News News Bulletin

Oil Search Suspended From Raising New Capital

Oil Search Limited says it will challenge a decision by the Securities Commission that disallows the company from raising new capital.

Oil Search says it complied with all legal procedures  and will vigorously defend its position.

The Securities Commissioner said earlier, the company did not comply with legal procedures and failed to get approval from the Commission.

The Commission then issued a suspension of trading on the PNG Stock Exchange as of Yesterday.

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