Demand for BSP shares on Australian securities exchange: Fleming

THERE is already a demand for Bank South Pacific shares on the Australian securities exchange (ASX), says Group chief executive officer Robin Fleming.
The BSP Financial Group Ltd joined the official listing on ASX last Tuesday.
Fleming clarified that being listed on ASX did not mean that shareholders would automatically trade as there were some requirements to be met.
“The listing of BSP on the ASX, which is a dual listing as BSP remains listed on the PNGX (PNG Stock Exchange), was a milestone achievement for BSP,” he said.
“Being listed on the ASX does not though mean that shareholders can automatically trade on either exchange.
“BSP informed all shareholders around the end of April what the process was for shareholders to move some or all of their shares from the PNGX to the ASX.
“This does involve, among other compliance requirements, a need for shareholders to obtain a tax clearance certificate to support the application to move shares from PNGX to ASX.
“This can take a week or so after the application for a tax clearance certificate has been submitted to IRC (Internal Revenue Commission).
“As a result, no shares have been physically transferred to the ASX and this may not occur for a week or so.
“That said there is interest and demand for BSP shares on the ASX and once some shares are migrated trading will become more active.”
At a virtual ringing of the bell ceremony in Port Moresby last Tuesday to mark BSP’s listing on ASX, group chairman Sir Kostas Constantinou said that BSP had been listed on the PNGX since 2003.