PAPUA NEW GUINEA STOCK EXCHANGE OPENS

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PORT MORESBY, Papua New Guinea (April 28, 1999 - PACNEWS)---Papua New Guinea's stock exchange was officially opened today in the capital of Port Moresby by Prime Minister Bill Skate.

To be known as the Port Moresby Stock Exchange, or POMSOX, it will trade shares in large national companies when fully operational, which is scheduled to be within the next four weeks.

In the meantime, POMSOX has started with limited trial trading of four of PNG's major companies -- Oil Search, Orogen Minerals, Lihir Gold and Steamships Trading, which are also listed on the Australian stock exchange.

The Chairman of POMSOX, Sir Anthony Siaguru, said that during the trial period the exchange will train staff on the electronic trading system and conduct awareness and educational seminars about the exchange's work.

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