POMSoX to suspend PNG Air’s securities from official quotation

Port Moresby Stock Exchange (POMSoX) says the securities of PNG Air Ltd will be suspended from official quotation from the commencement of trading yesterday following failure to lodge its periodic report for the period Dec 31, 2017.
On May 9, 2018, the company had requested to POMSoX a waiver to Listing Rules 4.6 due to delays with its 2017 audit report of its financial statements.
This prevented the company from releasing its 2017 annual report within the time limit allowed by LR4.6.
The company had also announced requesting from the Registrar of Companies for an extension to Aug 31, 2018, to prepare its financial statements and 2017 annual report and to Sept 30, 2018, to hold its annual general meeting of the shareholders.
POMSox yesterday said based on the circumstance above, it granted the waiver to LR4.6 on the condition that the company released its 2017 annual report by Aug 31, 2018.
On Aug 31, 2018, PNG Air Ltd failed to meet the condition to the waiver.
The company’s response for the delay remained the same as those initially provided by the company in its waiver request, that is, that the auditor had not yet provided an audit report.
POMSoX applied its discretion to extend the waiver since Aug 31, 2018.
However, due to the prolonged delay and in the best interest of the market, POMSox has decided to suspend the entity from official quotation.
Unless POMSoX decides otherwise, the securities will remain suspended until further notice.