Amalgamated Telecom Holdings has won damages against the Papua New Guinea Government for breach of contract.
This is in relation to a share acquisition agreement entered between the Independent Public Business Corporation of PNG Limited and ATH PNG Limited.
In 2002, ATH had joined in a bid with ATH PNG Limited to buy 50.1% shares in PNG Telikom Limited.
ATH Chief Executive, Tomasi Vakatora said they managed to win the bid with ATH PNG and subsequently signed the share acquisition agreement but it was not recognised by the PNG Government.
According to Vakatora, they are now waiting for their lawyers from PNG to decide on their next course of action.
The cost of damages is yet to be calculated.
ATH wins damages against PNG Govt
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