MEDIA RELEASE: ICCC GIVES CLEARANCE TO EARTHKEEPER SANCTUARIES TO ACQUIRE CORAL ISLANDS LTD

The Independent Consumer and Competition Commission (ICCC) has given clearance to Earthkeeper Sanctuaries Fonden (Earthkeeper Sanctuaries) to proceed with its proposal to acquire Coral Islands Limited (CIL).

In a decision issued on 06^th January 2026, the ICCC determined that the transaction will not substantially lessen competition in any market(s) in Papua New Guinea (PNG).

 ICCC Commissioner and Chief Executive Officer, Mr. Roy Daggy explained that once the acquisition is completed, Earthkeepers Sanctuaries will assume full ownership of CIL and will continue its operations while advancing its non-profit mission focused on environmental conservation and biodiversity restoration in the remote island group of Milne Bay Province.

“The proposed acquisition would result only in a change of ownership of CIL and its subsidiaries, as the acquirer does not currently operate in PNG, while only the target operates in PNG. As a result, the structure of the eco-tourism sector, the level of competition, and the market shares and market positions of the target companies would remain unchanged following the acquisition.”

Mr. Daggy noted that the ICCC received several submissions from relevant stakeholders who supported and agreed that the proposed acquisition would not substantially lessen competition.

Based on its assessment, the ICCC determined that the proposed acquisition would not have or would not be likely to have the effect of substantially lessening competition in any market(s) in PNG. Hence, the proposed acquisition was cleared to proceed.