PNGX, Papua New Guinea’s national stock exchange, welcomes the resolution of the leadership issues at the PNG Securities Commission, brokered by Prime Minister James Marape.
The previous uncertainty about the Chairmanship of the Securities Commission has been a significant barrier to both development of the capital market in Papua New Guinea and the ability of companies, large and small, to access capital.
“Resolution of the leadership of the Securities Commission provides the certainty the market has been seeking and needing. PNGX thanks Prime Minister James Marape for his leadership in brokering the resolution to this long-running dispute,” said PNGX chairman, David Lawrence.
“PNGX welcomes the confirmation of the current Acting Executive Chairman, Mr. Robert Salmon-Minak, until such time the Prime Minister convenes the Securities Commission Appointment Committee (SCAC) to appoint a permanent chairman.
“PNGX looks forward to developing a constructive and respectful working relationship with the PNG Securities Commission under Mr Salmon-Minak’s leadership.
“We hope to work quickly and constructively with Mr Salmon-Minak to assist the Commission to create and develop a promising future for the capital markets and securities industry.
“The disputes and resulting uncertainty have delayed the launch of PNGX’s corporate debt market by over 2 years. Now there has been a resolution we will move as quickly as possible to establish that new market and to open up new sources of funding for PNG companies.
“We will also move quickly to modernise the Listing Rules for the current market and to establish new markets and products.”
PNGX, along with its partners, the PNG Digital ICT Cluster and Emerging Venture Management Pty Ltd (Unkapt), as the proponents of the DEFINE Initiative, is actively working to develop new pathways for access to capital for MSMEs, expand financial knowledge and inclusion to a wider range of retail investors, and create new products for investors to build wealth in a more liquid market.
The resolution brokered by Prime Minister James Marape opens the way for growth in these areas.
“We hope this resolution represents an exciting beginning for the capital markets and new opportunities for the creation of wealth in Papua New Guinea,” Lawrence said.