City Pharmacy Limited Board Chairman, Mahesh Patel, says the announcement to stop trading on the Port Moresby Stock Exchange (POMSOX) is to assess the damage to its warehouse in Port Moresby.
A week on from the fire that engulfed the CPL warehouse, Patel told Loop PNG that the decision to stop trading was a normal thing to do.
Immediately following the fire, POMSOX announced the ‘Trading Halt’.
“It’s a normal thing in the stock exchange of any public listed company. Because of uncertain speculation, we thought let’s hold that while we assess everything then we can do proper announcement on the loss we suffered, what the insurance situation is and how we are going to build it,” Patel said.
“We need a week or so once the assessors and everything’s done, to actually give out a plan, because we are a public company, and the superfunds are our big shareholders who’s got hundreds and thousands of shareholders, so we want to do a proper announcement once we get all the information.”
The trading halt remains in effect for two weeks.