BSP Financial Group, the Pacific’s largest bank, finally listed on the Australian Securities Exchange yesterday. The move creates a new market for its existing shares and positions the bank to tap into new sources of capital in the future.
Australian Stock Exchange (ASX)
The silver price takes off and LNG also surges. Coffee is also up sharply and oil is steady. Business Advantage PNG’s monthly overview of commodity and financial markets.
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.
Following recent announcements that it will aim to reduce operating costs at its Papua New Guinea sites, Newcrest Mining Ltd will cut at least 150 jobs from its workforce at the Lihir gold mine.