Papua New Guinea Stock Exchange

OSL trading on PNGX suspended

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.