Article from yesterday's "The National".
Major shareholders of Airlines PNG said they wanted new shares to increase there stake in the airline firm.
Airlines PNG confirmed receiving requests from Ok Tedi Landowners, Fly River provincial government, Mineral Resources Development Company and NASFUND to increase their respective shareholdings.....
.......As an integral part of the overall restructuring of the airlines ownership, the company's founder and major shareholder Sir a John Wild has agreed to the majority of his shares in the airline being cancelled, thereby making way for the increased shareholding by institutional shareholders.
Sir John said: "In order to ensure the long term substainability of Airlines PNG and facilitate further capital raising by the company I am happy to gift a significant portion of my shares back to the airline. This fulfils a dream of mine to see the airline majority owned for the people of PNG and strongly positioned to carry on its service to the country."
Not the full article but gives the main thrust