Mr Johnson Kalo has been appointed to the Board. Mr Kalo, who was previously a director of POMSoX, brings a wealth of experience in the finance sector. Mr Kalo is also a Director of Credit Corporation (PNG) Limited.
Mr Kalo joins current directors Gerea Aopi, Deepak Gupta, Frank Dunphy and David Lawrence on the Board.
POMSoX has also received notification from the Independent Consumer and Competition Commission (“ICCC”) that it will not intervene in the acquisition of 62.5% of the shareholding in POMSoX by Pacific Capital Markets Development Pty Limited (“Pacific Capital”). Pacific Capital acquired the 62.5% holding in POMSoX from BSP Capital, a wholly owned subsidiary of Bank of South Pacific Limited (BSP) on 30 November 2018.
A revitalised POMSoX aims to take a leadership role in the further development of the PNG capital markets to increase the availability of SME funding, project funding, investor protections, financial advisers and stockbrokers, financial literacy and market liquidity.
Mr David Lawrence, Chairman of POMSoX, said “These are important steps for POMSoX and PNG capital markets. 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 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” said Mr Lawrence.
