PNGX joins the UN Sustainable Stock Exchange Initiative
by PNG Business News - April 28, 2022
PNGX announces that the United Nations Sustainable Stock Exchange initiative has welcomed PNGX Markets, the Papua New Guinea National Stock Exchange, as a new member.
PNGX has solidified its commitment to transparency and sustainability by becoming a partner exchange of the UN SSE initiative. The newest partner joins a network of now 114 stock exchanges around the world that are committed to promoting sustainable development.
The SSE works with stock exchanges through technical assistance, consensus building, and research to contribute to the achievement of the United Nations Sustainable Development Goals (SDGs) and to stimulate investment for a sustainable future. Exchanges around the world partner with the SSE to work towards a common objective of fostering financial markets that support the growth of sustainable and responsible business practices.
“Partnering with the SSE initiative compliments the goals PNGX is striving towards to help develop the Papua New Guinea capital markets and support the sustainability of the PNG economy” said Mr David Lawrence, PNGX Chairman.
The Exchange recognizes the number of sustainability challenges that an emerging economy like Papua New Guinea face, which include access to capital for SMEs, corporate governance and transparency, climate change, gender equality, and environmental sustainability. Addressing sustainability factors is of increasing importance to obtaining access to finance in today’s world and PNGX is committed to it.
“As part of a network of like-minded exchanges, PNGX can draw upon the resources of the SSE and its members and partners to develop locally relevant guidance and standards to support the development and sustainability of the local economy. While sustainability-based finance is not yet well developed in Papua New Guinea, joining SSE will have direct relevance by assisting PNGX to give companies the tools they will need to access future finance” Mr Lawrence said.
Article courtesy of PNGX
PNG Business News - April 08, 2021
Commission Places New Levy on Transactions
The Papua New Guinea Securities Commission has placed a new levy for all trades on the PNG Stock Exchange, the country's stock market (PNGX). The Securities Commission adopted the new levy on February 8 and it went into effect on March 8, according to PNGX chairman David Lawrence. Each buyer and seller are expected to pay an extra 0.75 per cent of the sale value to their stockbroker. He said that the stockbroker was required to pay the money to PNGX on a monthly basis and that PNGX was then required to pay the money to the Securities Commission on a monthly basis. PNGX was worried that the levies would disincentivize business competition at a time when it was attempting to build it up from a low base, according to Lawrence. Buyers and sellers, he added, were immune to paying the levies for on-market purchases. “We have also heard that some buyers and sellers are giving consideration to off-market transfers of listed securities rather than executing orders through the market, as off-market transfers will not be subject to the levies,” he said. PNGX has urged the Securities Commission to notify the public of its plans to reclaim any outstanding levies from investors and sellers, as well as its views on off-market transfer activities, according to Lawrence. “PNGX is concerned that the imposition of the levy at this time is counterproductive to the development of the capital markets in PNG and not aligned with the Government’s financial sector development strategy (FSDS) to create an environment that is equal in its competitiveness to the ASX,” he said. He expressed concern about the possible impediments generated by the levy, which he defined as follows: Both Investors' trader fees will be increased. This would have a negative effect on investment returns, particularly superannuation investors. It would also give other more developed foreign markets in the area and more established international markets an unexpected competitive edge. Detract from Papua New Guinea's investability; Encourage PNG-incorporated businesses to list on existing foreign exchanges with lower sovereign risk; Encourage the expansion of "off-market" transactions, decreasing the disclosure, pricing, openness, and investor rights inherent in the formal, controlled PNGX market, to the detriment of PNG's domestic and international investors. According to Lawrence, the outcomes could decrease competition in an already illiquid sector, eliminate incentives for market development, and raise the cost of financing for PNG companies and the government.
PNG Business News - August 23, 2021
PNG Stock Market Worth Over K120 Billion
Photo Credit: PNGX According to the PNG Securities Commission, the stock market in PNG is now worth over K120 billion. The PNG National Stock Exchange presently has 13 firms listed, according to acting executive chairman Robert Minak (PNGX). “The total market cap fluctuates around K120 billion,” he said. “The market tracks well and it’s steady all the time for those 13 companies despite the challenges posed by the Coronavirus. “Trading has been slow but steady.” Minak stated this after Zimcare Ltd HR Consultants presented the commission with a report on the organization's audit. The purpose of the audit was to verify that the commission took stock of its operations and that the appropriate personnel were carrying out their allocated duties. “They are elite corporations that have billions of kina,” Minak said. “They hire the best people in the world. “And for the securities commission to challenge or regulate them with people that are not qualified or skilled, is a joke. “We felt that it was fundamental that we get it right from the start. “So we had to hire Zimcare. “They (had done) the organisational structure for the securities commission so they know the commission (well). “We got them to come and fix up things that have gone wrong along the way.” Meanwhile, Minak said the country’s stock market could make money for the Government like other stock markets in the world. “The (PNG) Government does not have the money,” he said. “It gets it from the banks within or goes out and borrows. “The commission regulates an industry where the Government or anyone else can raise money from an alternative source. “In other countries, the securities commission makes money that contributes to the budget.” Reference: Mauludu, Shirley. The National (13 August 2021). “Stock market worth K120bil”.
PNG Business News - August 30, 2021
PNGX and Securities Commission Sign MoU
Photo Credit: PNGX PNGX Markets Limited, Papua New Guinea's national stock exchange, and the Securities Commission of Papua New Guinea (SCPNG) have signed a Memorandum of Understanding on the preservation of an orderly market for listed securities. The Securities Commission may make public remarks regarding a listed business from time to time in the course of its duties and responsibilities that a reasonable person would anticipate to have a substantial impact on the price or value of the listed company's securities. Making such remarks during trading hours (10 a.m. to 4 p.m.) might jeopardize an orderly and fair market in such assets. The MoU intends to foster collaboration between the Securities Commission and the PNGX in order to support the effective performance of their respective duties and responsibilities, as well as the preservation of orderly and fair markets in Papua New Guinea. According to the MoU, the Securities Commission will avoid making public statements about a listed company that a reasonable person would expect to have a material effect on the price or value of a listed company's securities during trading hours, to the extent that it is reasonably practicable to do so. If it is not possible to avoid making such public remarks during market hours: Prior to issuing the relevant public statement, the SCPNG will inform PNGX; PNGX will impose a trading stop on the relevant listed company's securities; and SCPNG will provide PNGX with a copy of the relevant public statement for distribution to the market as soon as feasible. “It is fundamental that regulatory governance systems are established to ensure a fair and orderly market,” said Robert Salmon-Minak, acting executive chairman of the Securities Commission. “This MoU recognises and respects the differing but complementary roles of the Securities Commission and PNGX in achieving that outcome. “The capital market regulator in any country plays a critical function in the economy of that country,” said PNGX chairman, David Lawrence. We are pleased to be working with the Securities Commission to put in place processes that promote confidence in the PNG capital market.” Reference: Post-Courier (27 August 2021). “Securities Commission, PNGX Sign Agreement”.
PNG Business News - May 16, 2022
Get over it... with PNG Forest Products' NiuBridge
Photo: NiuBridge on the Boluminski Hwy, New Ireland, PNG You know how they say, “Build a bridge… and get over it”? Well with PNGFP NiuBridge you don’t have to build it, because it’s already built! These expertly designed and engineered modular bridges are prefabricated to your specifications by PNG Forest Products. With a design life of 50+ years and installed cost base typically under half that of equivalent concrete or steel, NiuBridge is the ideal, most cost-effective solution for bridging installations in Papua New Guinea. The NiuBridge System includes deck, girders, kerbing and accessories, and comes with a pre-applied bitumen surface. Little maintenance is required thanks to PNGFP’s unique veneer preservation treatment, ensuring complete protection from termites and rotting. NiuBridge is manufactured from PNG plantation pine to both AS/NZS 2269 and AS/NZS 1604 standards and exploits the advantages of natural timber, which is not subject to fatigue failure, unlike other materials such as steel and concrete. Available in single lane, dual lane, or custom design, NiuBridge is suitable for a range of load conditions including Austroads T44 and AS 500 Bridge Design. NiuBridge and sister product NiuDeck are widely used by local and state governments across Australia. The peak body for the timber industry in Queensland has welcomed these products as a demonstration of the versatility and innovation of using Engineered Wood Products in bridge construction. “Using prefabricated timber systems in bridges is gaining greater market recognition due to their inherent strength, light weight and low carbon emissions footprint compared to other construction materials”, said the CEO of Timber Queensland, Mick Stephens. So next time you need to get over it, don’t waste valuable time and loads of money building a bridge. Buy a NiuBridge and get over it sooner and more cost effectively!
PNG Business News - May 16, 2022
Need help with to live, work and study in Australia and with student enrolments in EQI accredited schools? Ask Migration Plus!
Photo credit: Migration Plus Migration Plus is a leading Migration firm in Cairns, in the Far North Queensland region providing professional migration advice to students, individuals, government, businesses and corporate groups including the mining, hospitality, tourism, agricultural and air services industries. Migration Plus are also Education Agents with Qualified Education Counsellors on their team and they represent a number of reputable universities and colleges across Australia, including Education Queensland International (EQI) for student enrolments. They work closely with EQI and have successfully assisted PNG students enrol in schools across Queensland and also assisted with visa applications for the students for many years. With Australian borders opening to international visitors, temporary workers and international students, they can assist you with all migration matters for your business and family to visit, work or study in Australia. Now is the time to start your children’s enrolment to study in any of the EQI’s accredited schools from Prep to Year 12. Education Counsellors at Migration Plus can assist your children’s enrolment for Year 10, Semester 2, the important pathway into senior high school subjects through the Senior Education and Training Plan. Semester 2 commences in July 2022. With an in-depth knowledge of migration law, their specialist team provides a complete solution to your migration requirements and coordinate all facets of your migration needs. The Migration Plus team is very passionate about what they we do – the rewards of being able to assist in changing lives and helping clients achieve their goals is first and foremost. With over 90 years of combined experience available to you, you can count on their highly specialised team for accurate advice. Contact the Specialist team for further information.
Marcelle P. Villegas - May 16, 2022
Australia Opens Its Doors to International Students
Photo credit: Education Queensland International “International students are an important part of the Australian community, and we are excited to welcome them back to our classrooms, campuses and communities.” This was the announcement posted on their website by the Australian Government last February to herald the reopening of international travel to students. “Australia’s borders are open to fully vaccinated international students and Temporary Graduate (subclass 485) visa holders.”  “From 21 February 2022, all visa holders who are fully vaccinated for international travel purposes can travel to Australia without a travel exemption. Unvaccinated visa holders will still need to be in an exempt category or hold an individual travel exemption to enter Australia.”  The Australian Government said that international students will be subject to Australian Government border restrictions and any State and Territory quarantine and testing requirements. Quarantine and testing arrangements for State and Territories are frequently changing. Therefore, international students are advised to visit www.Australia.gov.au/states to be updated with the latest information and announcements of the Australian Government. In relation to this, the Department of Education, Skills and Employment has developed a “factsheet on the reopening of international travel to students” which is available for downloading from the website.  “All visa holders who are fully vaccinated in accordance with Australia’s international border entry requirements are able to arrive in Australia without needing an approved travel exemption. This includes fully vaccinated international students.”  Here are more important reminders from the Australian Government: People who do not meet Australia’s vaccination requirements for international travel must apply for a travel exemption to travel to Australia, unless they are in an exempt category. Visa holders who arrive in Australia may have their visa cancelled and be detained and removed if they: are not fully vaccinated for international travel purposes in accordance with Australia’s border entry requirements; or do not have a medical contraindication to a COVID-19 vaccine as defined by the Australian Government; or are not in an exempt category or hold an individual travel exemption. To be considered as “fully vaccinated for international travel purpose” to or from Australia, one should have completed a primary course of a vaccine approved or recognized by the Therapeutic Goods Administration (TGA). This includes mixed doses. The currently approved or recognised vaccines for travel are the following: Two doses at least 14 days apart of AstraZeneca Vaxzevria, AstraZeneca Covishield, Pfizer/Biontech Comirnaty, Moderna Spikevax or Takeda, Sinovac Coronavac, Bharat Biotech Covaxin, Sinopharm BBIBP-CorV (for people under 60 years of age on arrival in Australia), Gamaleya Research Institute Sputnik V, Novavax/Biocelect Nuvaxovid. Single-dose dose of Johnson & Johnson/ Janssen-Cilag COVID Vaccine are also in the list of approved and recognized vaccines. “At least 7 days must have passed since the final dose of vaccine in a course of immunisation for you to be considered fully vaccinated for international travel purposes. Mixed doses count towards being fully vaccinated as long as all vaccines are approved or recognised by the TGA.” How about exceptions for vaccination requirements and arrangement for children? “People with acceptable proof they cannot be vaccinated for medical reasons, and children under 12, can access the same travel arrangement as people who are fully vaccinated for international travel purposes.” Moreover, temporary visa holders who are younger than 18 years old at the time of departure for international travel to Australia do not require an approved travel exemption when the child is travelling with at least one adult who is fully vaccinated for international travel purposes. “Unvaccinated or partially vaccinated children aged 12-17 years old entering Australia may be exempt from passenger caps and eligible for reduced quarantine requirements. Travellers should always check the quarantine requirements for the state or territory they plan to travel to, or transit through, prior to arranging their travel.” “If the child is travelling with unvaccinated adult family members, then the entire family group will be subject to managed quarantine and passenger caps.” For more information on vaccination travel requirements, quarantine rules, and other related matter, visit https://covid19.homeaffairs.gov.au/vaccinated-travellers. Reference:  https://www.dese.gov.au/reopening-international-travel-students  https://covid19.homeaffairs.gov.au/vaccinated-travellers  Factsheet on the reopening of international travel to students https://www.dese.gov.au/reopening-international-travel-students/resources/factsheet-reopening-international-travel-students