Business in capital markets and stock investment will now be revolutionized to a whole new level with the approval of a stock exchange licensed given to the PNGPNG Papua New Guinea National Stock Exchange (PNGXPNGX PNG National Stock Exchange) by the Securities Commission of Papua New Guinea (SCPNGSCPNG Securities Commission of Papua New Guinea). The approval was gazetted on 29 August 2022. PNGX will now have the confidence to operate and further develop the capital market of Papua New Guinea. The license will drive the capital market forward and attract investment opportunities.
PNGX has first started in 1999 as a stock exchange under the previous Securities Act 1997 which was replaced by the Capital Market Act 2015. Acting Executive Chairman of SCPNG Robert Salmon Minak said: “the stock exchange is an important stakeholder in this industry. “It is appropriate that the first approval is for the country’s stock exchange.
“We are working on making sure that fund managers, stockbrokers, financial advisers, and other participants in the industry are licensed.” Minak also stated that the licensing with PNGX will hopefully pave way for investors to participate towards building a viable capital market. PNGX Chairman, Mr David Lawrence thanked SCPNG for issuing the license and said that it (the license) will give them the certainty to continue to develop the PNG capital market. “We would like to thank SCPNG acting chairman, Mr Robert Salmon-Minak for his support for the development of the capital market.” “Currently, PNGX is working in collaboration with SCPNG towards establishing a corporate debt market. PNGX will also be releasing a new equity market listing rules for public consultation.
Authorized for release
Robert Salmon Minak
Acting Executive Chaiman