Resolution brings certainty to market: PNGX


THE resolution of a leadership issue at the PNG Securities Commission initiated by Prime Minister James Marape provides certainty to the capital market, according to the PNG National Stock Exchange (PNGX) Markets Ltd.
PNGX said the uncertainty around the chairmanship of the securities commission had been a significant barrier to the development of the capital market in the country and the ability of companies, large and small, to access capital.
The PNG Securities Commission, in a statement said the industry was plagued with uncertainty over the past four years as two former commission chairmen tussled over the leadership of the regulating entity.
A protracted legal battle ensued which stifled the organic growth of capital markets as participants were confused as to who to report to.
Christopher Taylor Hnanguie, the former chairman who had initiated legal action, agreed to discontinue the proceedings at the request of Marape.
The PNGX welcomed the confirmation of acting executive chairman Robert Salmon-Minak, until the Securities Commission appointment committee would appoint a chairman.
PNGX chairman David Lawrence said: “PNGX looks forward to developing a constructive and respectful working relationship with the PNG Securities Commission under Salmon-Minak’s leadership.
“We hope to work quickly and constructively with Salmon-Minak to assist the commission to create and develop a promising future for the capital markets and securities industry. We will also move quickly to modernise the listing rules for the current market and to establish new markets and products.”