The Papua New Guinea Stock Exchange (PNGX) has expressed its support for the recent statement made by Minister For International Investment and Trade Hon. Richard Maru OBE, MP, on 14 June.
“As an essential listing on PNGX, Newcrest symbolises the company’s dedication to Papua New Guinea and its substantial resource extraction activities within the country. PNGX warmly welcomes the continued listing of these assets even after the completion of the merger with Newmont, citing similar reasons for its support,” a media release from PNGX said.
“While the stock exchange refrains from taking a stance on the merger, it acknowledges its responsibility to advocate for the national interest of the capital market.”
PNGX says it agrees with Minister Maru that, in a resource-rich developing nation like Papua New Guinea, bolstering the local capital markets is crucial for companies seeking a social, political, and economic license to operate within the country.
Minister for International Trade & Investment Hon. Richard Maru, emphasised the government’s aim to foster exponential growth in the capital market earlier this year.
He stated, “We want the capital market to grow exponentially to the point where all foreign listed companies who buy into or operate and profit from PNG have a secondary listing on the PNG national stock exchange.”
David Lawrence, Chairman of PNGX said, “PNGX welcomes Minister Maru’s statement, particularly the reference to the government’s future plans to establish a process for all such entities to be listed on the exchange, thereby enhancing the wealth of Papua New Guinean citizens and landholder companies in addition to the State. We eagerly anticipate collaborating with the Minister on this exciting opportunity for local investors.”
PNGX Markets is the national stock exchange of Papua New Guinea. PNGX is responsible for providing an orderly and fair market in relation to securities which are traded through its facilities and for acting in the public interest having regard to the need for protection of investors. PNGX is regulated and licensed by the Papua New Guinea Securities Commission. PNGX is the National Numbering Agency for Papua New Guinea.
