Commission putting together 10-year inclusive plan to help locals buy stocks

Robert Minak

THE PNG Securities Commission recognises the need for ordinary Papua New Guineans to participate in the PNG stocks market, an official says.
Acting executive chairman Robert Minak said the commission was therefore putting together a 10-year plan for the PNG capital markets.
“You will realise that the set-up at the moment (of the (PNG National Stocks Exchange), (is that) the rules are too technical,” Minak said.
“They are understood by very few corporate individuals. The ordinary Papua New Guinean on the street cannot understand (them).”
He said they planned to develop a 10-year market plan next year.
“We are preparing budget papers to seek money from the Government so that we can create a 10-year PNG capital markets development plan.
“The vision is to create an alternative exchange for SMEs and then relax the rules a little bit, make those government structures understandable, reachable and accessible to the ordinary Papua New Guineans so that they can partake in the market. That is very fundamental for us,” he said.
“We’ve got two sets of people – the guys down there and the guys up there.
“The guys up there are the elites who actually do understand and partake in the stock exchange.
“But PNG is different from the rest of the countries.
“We are young and most of the people are simple.”