Minister for International Trade and Investment, Hon. Richard Maru, today called on all Papua New Guinea (PNG) companies who are listed in other countries to list on PNG National Stock Exchange (PNGX) to boost market credibility and improve investor confidence.
“The existing law of Capital Market Act 2015 under Section 116(3) requires an approval from the Securities Commission of PNG if public companies and corporations those are listed in our exchange wants to list or issue shares outside PNG. The Marape-Rosso Government through my Ministry have come up with a policy to compel public companies or companies funded by public monies to list in our local exchange. The idea is to support the Government’s reform agenda to diversify PNG economy beyond extractive industries by providing potential investors an alternative financial instrument to mobilize private sector financing,” said Minister Maru.
Minister Maru is also calling on the following international companies to immediately list on PNGX:
- Origin Energy
- Telstra (or Digicel)
- Mayur Resources Limited
- GeoPacific Resources Limited
- Kingston Resources Limited
- St. Barbara Limited
- Amalgamated Telcom Holdings Limited (or Vodafone)
- Sime Darby (or West New Britain Palm Oil)
- Rimbunan Hijau Group (or RH)
- Total Energies
- Exxon Mobil
- News Corporation
- Galley Reach Holdings Limited
“These companies can list both their local and international operations or they can only list their PNG operations on PNGX,” said Minister Maru.
“We cannot let the public companies and international corporations to continue to make profits in Papua New Guinea while listing in other countries. These public companies and international corporations are socially obligated as responsible corporate citizens to list publicly so our citizens and public institutions alike can have the option to have a share in their profits,” said Minister Maru.
“Goal 5 of our National Constitution calls for the promotion of Papua New Guinean ways and the Constitutional Planning Committee intends for the Constitution to establish institutions and mechanisms that would promote the equitable distribution of wealth among all citizens of this country,” added Minister Maru.
Minister Maru said the Government is working on a policy and legislation to have all public companies and international corporations operating in PNG and listed outside the country to be listed on PNGX.
“It is good for you to list voluntarily on PNGX as a responsible corporate entity rather than being compelled by the law,” said Minister Maru.
Furthermore, Minister Maru stated that other companies operating in PNG who are not listed above should also consider listing in PNG to raise capital in PNG through the capital market rather than borrowing and to fund their capital expansion plans.
“The Marape-Rosso Government’s aspiration is to make our market to be robust and agile, in which it creates strong capital raising avenues locally by way of equities, bonds, notes, debentures, property trust and others. Our aim is to make investment options available for Government, state owned entities, listed and non-listed entities to raise capital locally instead of going aboard. This is part of Marape-Rosso Government’s Take Back PNG Policy,” said Minister Maru.