In a significant milestone for Papua New Guinea’s financial market, PNGX Group, the operator of the nation’s stock exchange, PNGX Markets, has welcomed Newmont Corporation (PNGX Code: NEM) as they make history by becoming the first company to list on the exchange using depository interests, specifically known as PETS Depository Interests (“PDI”).
Newmont Corporation, a global mining giant with significant interests in PNG, including the Lihir gold operation and the Wafi-Golpu gold and copper joint venture, has taken a pioneering step by choosing PNGX as its listing platform. This move is seen as an indicator of the company’s commitment to the future development of the nation.
The significance of this listing extends beyond Newmont’s presence on the exchange, as over 2,000 Papua New Guinean shareholders of Newcrest, a company closely associated with Newmont, will now receive Newmont PDIs and have the opportunity to trade them on the PNGX market. This development eliminates the need for these shareholders to engage in trading activities on the ASX or New York Stock Exchange (NYSE) as they had done previously.
To facilitate this unique arrangement, PNGCSD Nominees Limited will serve as the nominee holder of the underlying Newmont shares, acting on behalf of the PDI holders. This streamlined process is expected to benefit both local and international investors.
PNGX’s General Manager, Ms. Elizabeth Wamsa, expressed her excitement about the historic move. She said that it represents a significant step forward in their commitment to providing investors with diverse and accessible opportunities, ultimately contributing to the growth and development of the PNG capital market. Ms. Wamsa also expressed enthusiasm for the future prospects and growth opportunities that this initiative might bring to the market.
Newmont Corporation was set to begin trading on the PNGX market on Friday, October 27, 2023 –– a momentous occasion not only for the companies involved but also for the broader Papua New Guinean financial market, opening new avenues for investors and reinforcing the country’s standing in the international financial landscape.
PNGX Group is a diversified financial services company based in Port Moresby. As the operator of PNGX Markets, a wholly owned subsidiary, the company is responsible for providing a fair and orderly market for securities traded within its facilities. Furthermore, it operates in the public interest, prioritising the protection of investors. PNGX Markets is regulated and licensed by the Papua New Guinea Securities Commission and serves as the National Numbering Agency for PNG.
More information about PNGX Group at www.pngx.com.pg.