Stock exchange suspends firms

Business

AUSTRALIAN firm Niuminco is among three companies being suspended from the Port Moresby Stock Exchange (POMSoX).
POMSoX chairman David Lawrence said PNG Air was suspended when it failed to submit its 2017 audited annual report.
Kina Petroleum Limited (KPL) was suspended after a restructure that resulted in the formation of Kina Petroleum Corporation, which is incorporated in the British Virgin Islands, a tax haven.
“Niuminco was suspended from quotation on the Australian Stock Exchange (ASX) on Feb 21, 2019, pending enquiries from ASX,” Lawrence said.
“Niuminco had informed POMSoX of the suspension on Feb 25. An equivalent suspension has been applied to the entity to prevent its securities trading on POMSoX on an uninformed basis.
“As ASX is the primary listing exchange for Niuminco, it will remain suspended until at least such time as ASX re-instates it to trading.
“(PNG Air) will remain suspended until at least such time as it lodges its 2017 audited annual report.
“Kina Petroleum Limited (KPL) was suspended in accordance with listing rule 17.2, following the lodgment of the National Court of Justice of PNG orders with the PNG Registrar of Companies approving the scheme of arrangement by which Kina Petroleum Corporation will acquire all of the issued shares of KPL. KPE commenced trading last Friday.”
Lawrence said KPL will be delisted from POMSox and ASX tomorrow.
Meanwhile, the POMSox board has a new member. He is Credit Corporation director Johnson Kalo.
Kalo was previously a director of POMSoX. The other directors are Gerea Aopi, Deepak Gupta, Frank Dunphy and Lawrence.
POMSoX has also announced that it has been told by the Independent Consumer and Competition Commission that it will not intervene in Pacific Capital Markets Development Pty Limited’s acquisition of 62.5 per cent of the stock exchange.
Pacific Capital acquired the shares from BSP Capital, a wholly owned subsidiary of Bank of South Pacific, on November 30 last year.
A revitalised POMSoX aims to take a leadership role in the development of the capital markets to increase the availability of small medium-sized enterprises funding, project funding, investor protections, financial advisers and stockbrokers, financial literacy and market liquidity, Lawrence said in a statement.
“These are important steps for POMSoX and PNG capital markets,” he said.
“We welcome Johnson to the board and value his contribution. We also thank the ICCC for their consideration and handling of the competition matter.
“We look forward to a constructive relationship with the ICCC, and all stakeholders, going forward.
“POMSoX is now embarking on an exciting redevelopment path, commencing with the development of debt markets for PNG and a complete rewrite of the existing POMSoX listing rules for the equity market.
“These projects will take up to 12 months and will position POMSoX and the PNG capital markets for the next stage of growth.”

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