NGIP Agmark joins PoMSOX

Business, Normal

The National

SHARES of  NGIP Agmark are now being offered to the public after the company listed itself on the Port Moresby Stock Exchange (PomSOX).
The shares are now trading at K1.95.
Based in Kokopo, East New Britain province, and with operations nationwide, NGIP’s list was a move designed by its board to make the shares available to a wider range of investors.
NGIP now has 4,800 shareholders from all regions of the country with most being from the province reflecting the company’s roots as a cocoa grower and exporter.
The company in a statement yesterday said it had diversified into machinery, hardware, shipping, transport, steel fabrication and engineering.
NGIP Agmark is said to be PNG’s premier cocoa producer and processor, exporting 60% of all PNG’s premium cocoa to chocolate manufacturers in Europe, Asia and the USA.
It had further diversified into vanilla, copra, essential oils, chillies, pepper and other spices, and employs 2,000 people.
NGIP chairman Don Manoa told PoMSOX the company had grown from a limited-sized growers’ initiative in 1955, to now have shareholder equity of K100 million.
It has been closely linked with Agmark Pacific since Agmark was formed in 1988, with NGIP formally taking over all of Agmark in 2005.
Last year, NGIP adopted a new constitution which enabled it to apply for listing on the PoMSOX.
“The company’s shareholders should be very pleased that it has been listed on PoMSOX as they will now have a ready market to buy and sell their shares,” Mr Manoa said.
Chief executive officer of NGIP Geoff Whebell said because of the company’s origins, many people might think of it as solely engaged in East New Britain, but this was not the case today.
The company also has operations in Port Moresby, Lae, Madang, Wewak, Popondetta, Kimbe and Bougainville.
Plans for further expansion of the business included a new hardware operation in Port Moresby, Mr Whebell said.