Papua New Guinea Stock Exchange

The new Listing Rules are a key step towards the development of a more effective secondary market in Papua New Guinea. They contribute to ensuring that PNG has a world-class capital market that is internationally respected and recognised.

PNGX’s Listing Rules govern the listing of issuers and the quotation of securities, continuous disclosure obligations and some aspects of a listed entity’s conduct.

All companies listed on PNGX are required to comply with the Listing Rules.

The orders issued by the Securities Commission of Papua New Guinea follow alleged breaches of the PNG Capital Market Act.

In a statement issued on Wednesday, Oil Search says it will legally challenge the orders.

According to Oil Search, the company had obtained valid approvals for its recent capital raise, completed on 28 May 2020, from the Executive Chairman of the Securities Commission of PNG.

However, the Acting Chairman of the Securities Commission of PNG issued orders including that trading of Oil Search shares on PNGX be suspended from 2 June 2020.