City Pharmacy resumes trading on PNGX

THE suspension of City Pharmacy Limited (CPL) securities on the PNG Stock Exchange Markets Limited (PNGX) was removed last week, with normal trading to start today, an official says.
The PNGX reported on Friday that CPL should start trading on April 29 after almost three months.
CPL chief executive officer Navin Raju told The National that due to unforeseen losses stemming from the Jan 10 civil unrest, CPL requested a suspension of trading to fully assess the impact on the company.
The temporary halt was to prioritise shareholder value by ensuring a clear understanding of the company’s financial situation.
“After a period of regrouping and stabilisation efforts, we’re pleased to announce that the business is back on track and pursuing its growth strategy,” he said.
“With these positive developments, we’ve requested the PNGX to lift the suspension.
“We extend our sincere gratitude to the government for their critical support through the K2.7 million wages relief programme.
These funds provided essential financial assistance to maintain our employee payroll during a challenging period.”
He added that even with the closure of the CPL shops after Jan 10, the programme ensured the continuation of wages for staff for the first six months.
On Jan 10, six retail shops, four Stop and Shop supermarkets, one Hardware Haus, and one Jacks of PNG shop were looted following a civil unrest. Two other shops in Port Moresby, also under the CPL Group, were burnt to the ground.
In March, CPL decided to reopen the Badili SNS supermarket but management decided to permanently close the Harbour City Shop.
Raju said the company planned to open two smaller shops in Port Moresby’s outer suburbs. One is scheduled to open at the end of May, and the other at the end of June.