Capital market grows

Business, Normal
Source:

The National, Wednesday December 23rd, 2015

 By SHIRLEY MAULUDU

THE Government is negotiating with some of the world’s biggest fund managers to invest in the country, especially in the capital market sector.

Trade, Commerce and Industry Minister Richard Maru said the Government intended to bring in new owners for the Port Moresby Stock Exchange, who were not stockbrokers themselves.

“With the passing of the Securities Commission Act, the Capital Market Bill, we will next year be reforming the capital markets in PNG in a very big way,” Maru said.

“We intend to bring in new owners for the Port Moresby Stock Exchange, who are not stockbrokers themselves – owners who do not have any conflict of interests, no insider trading at the Port Moresby stock market. 

“They will only come when we have an investment regime and when we have a legislation that creates an environment that’s transparent and safe, and that operates on an international standard. 

“That’s why we’ve passed those laws.”

Prime Minister Peter O’Neill in June said the changes had been approved by the National Executive Council and would encourage innovation in the financial sector and lead to increased domestic and international investment.