The 30 per cent jump in the value of Kina Securities when it listed jointly on the Australian Securities Exchange and the Port Moresby Stock Exchange last Thursday ‘exceeded our expectations’, Chief Executive Officer Syd Yates tells Business Advantage PNG.
Ordinary Papua New Guineans will be able to apply to purchase at least some of 97 million shares in PNG-based financial services company Kina Securities. The company has just launched its prospectus, ahead of an expected listing on both the Port Moresby and Australian stock exchanges on 30 July.
Papua New Guinea’s Kina Group aims to list on the Australian Stock Exchange in late July—arguably the first PNG company to undertake such a move. Business Advantage PNG talks to Chief Executive Officer, Syd Yates, about what he sees as a ‘great opportunity’ for PNG.
Prime Minister Peter O’Neill says a planned ‘shake up’ of the Port Moresby Stock Exchange (POMSoX) will lead to more innovation and increased domestic and international investment.
Kina Group is set to become Papua New Guinea’s fourth retail bank, when it takes over the Malaysian-owned Maybank (PNG) in late July, ahead of a possible stock market listing.
Ratings agency Standard & Poor’s says PNG’s banks operate in a ‘high risk’ environment, with regulation and supervision ‘comparatively lenient’.
Liquidity conditions have emerged as a major source of risk for the PNG economy, as the central bank governor reveals he spent US$570.9 million (K1.48 billion) to support the kina last year.
Papua New Guinea’s central bank has moved to stop offshore foreign banks, which don’t operate in PNG, from foreign exchange trading in the Kina.
Papua New Guinea’s Parliament is likely to approve establishing the long-awaited Sovereign Wealth Fund by June, after unanimously voting for its enactment at its first reading last week.
A commitment to growth throughout the Pacific region has continued for Papua New Guinea-based Bank of South Pacific, with the acquisition of new Pacific operations from Westpac and launch of a new subsidiary.