BSP Capital sells its stock exchange stake

Pacific Capital Markets Development Pty Ltd agreed to acquire Bank South Pacific Capital’s Port Moresby Stock Exchange shareholding last Friday.
According to a statement from BSP, they had entered into an agreement to sell 62.5 per cent of its shareholding in the Port Moresby Stock Exchange to comply with the Capital Markets Act 2015.
“The decision is in line with the requirements of the PNG Capital Market’s Act 2015,” it said. Specifically, the act [subdivision 1 Section 9 subsection 10] prohibits stock exchange membership by:

• Listed companies (BSP) or its wholly owned subsidiaries (BCAP); and
• Any investment adviser or entity (BCAP) operating under a licence issued by the Capital Markets Act.
  “Pacific Capital Markets Development Pty Limited’s immediate objective will be to enhance the fundamentals of its market structure and to put in place processes, systems and a broader ecosystem that will enable the market to expand,” SP said.
  Pacific Capital Markets Development Pty Ltd is an Australian company committed to the development of PNG capital markets and other capital markets in the Pacific region.
  The Principals of PCMD are David Lawrence and Frank Dunphy.
  Lawrence has over 30 years of experience in the operation of markets.
  He has previously held senior roles at the ASX, Sydney Stock Exchange and Tianjin Mining Exchange in China.
  Dunphy has more than 25 years’ experience in stockbroking, funds management and operation of stock exchanges.
  He was previously managing director of the Bendigo Stock Exchange and chairman of
  the Port Moresby Stock Exchange.
  Bank South Pacific Capital is a wholly-owned subsidiary of BSP Ltd.