PRIME MINISTER SAYS NEW STOCK EXCHANGE SHOULD BOOST ECONOMY

admin's picture

PORT MORESBY, Papua New Guinea (April 29, 1999 – PACNEWS)---Papua New Guinea Prime Minister Bill Skate says the country’s new stock exchange will be a valuable source of foreign investment and should boost the economy.

The exchange officially opened yesterday with a handful of companies registering for a trial period before it begins full operations in a few weeks time.

Skate said the exchange would offer foreign investors a new way to invest in the country and take advantage of the low Kina.

"While we are doing all we can to restore the value of the Kina at this point in time, we must take advantage of increased investment attractiveness promoted by a lower Kina," he said.

"There are many companies around the world who would be looking at the increased attractiveness of investing in PNG. Now, with the Port Moresby Stock Exchange, they will be given further reason to bring their investment money to our shores."

The Port Moresby Stock Exchange will be known as POMSoX.

The exchange has started limited trial trading of four of PNG’s big companies, Oil Search, Orogen Minerals, Lihir Gold and Steamships Trading, which are also listed on the Australian Stock Exchange.

NO MEDDLING IN POMSOX, VOWS SKATE

By Kevin Pamba

PORT MORESBY, Papua New Guinea (April 29, 1999 – The National)---Politics will stay out of the Port Moresby Stock Exchange (POMSoX), Prime Minister Bill Skate said yesterday.

Mr. Skate's undertaking at the opening of POMSoX was supported by Commerce and Industry Minister Ian Ling-Stuckey.

"I promise you, never, ever will I interfere with the affairs of Port Moresby Stock Exchange," Mr. Skate told a packed audience of government and business leaders at the POMSoX premises here.

Mr. Skate and Mr. Ling-Stuckey both assured the business community that although the Government was committed to supporting the POMSoX to see it grow, it will stay out of its daily affairs.

The undertaking comes after past experiences of political interference that has led to the several false starts for the exchange.

In terms of legislative fulfillment, Mr. Skate said, "No stone has been left unturned in ensuring legislation will keep pace with this institution".

"The companies Act, Securities Act, Takeover Code and Listing Rules of Port Moresby Stock Exchange are all in place," he said.

The Prime Minister likened the POMSoX to a child that needs to be nurtured.

"We have a child that needs to be nurtured so that when he/she grows up he/she will in return the favor as it happens in the PNG tradition custom," said Skate.

Mr. Ling-Stuckey said on his appointment to the ministry, he had made a special commitment to see the exchange open, and it did yesterday. He said the Government's commitment of a soft loan toward the end last year fast-tracked the setting up of the exchange.

POMSoX chairman Sir Anthony Siaguru acknowledged the support given by the Prime Minister and his government to the exchange.

Rate this article: 
No votes yet

Add new comment