Santos listing to raise market cap

THE listing of Santos Ltd on the PNG National Stock Exchange (PNGX) will have a significant increase in the country’s market capitalisation, according to PNGX.
Chairman David Lawrence was responding to Santos managing director and chief executive officer Kavin Gallagher who indicated the company’s potential listing on PNGX.
Gallagher addressed the recent PNG Mining and Petroleum conference as the company progressed on the merger process with Oil Search.
“Momentum continues to build for the compelling opportunity to create a company with the size and the skill to fund the energy transition,” he said.
“It is also our intention to seek to establish a secondary listing on the PNG Exchange.
“This will importantly allow all the PNG-based shareholders to trade their Santos shares on the exchange.”
The proposed merger deal is worth AU$21 million (about K53 billion).
Oil Search shareholders would own 38.5 per cent of the group while Santos shareholders would own 61.5 per cent. Oil Search has about 5,000 investors in PNG.
Lawrence told The National that PNGX had been hoping that Santos would list on PNGX if the merger proceeded.
“In its scheme booklet, Santos has said in the event that Santos establishes a secondary listing of Santos Shares on the PNGX, if the scheme becomes effective, the new Santos shares will also trade on the PNGX,” he said.
“PNGX has consistently said that PNGX is hoping that Santos will list if the merger succeeds. We have had discussions with Santos regarding listing on PNGX.
“Santos listing on PNGX would be a significant increase in the market capitalisation.”