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Pacific Capital Markets Development (Pacific Capital) is pleased to announce that it today entered into an agreement to acquire a 62.5% holding in Port Moresby Stock Exchange Limited (POMSoX) from BSP Capital, a wholly owned subsidiary of Bank of South Pacific Limited (BSP).
POMSoX is the national stock exchange of Papua New Guinea.
The Pacific Capital team has a broad depth of experience in the operation of stock exchanges and capital markets internationally and is well placed to position POMSoX as a cornerstone in the development of Papua New Guinea’s financial markets. As PNG’s capital markets develop POMSoX aims to provide a solid platform for raising business capital for both established companies and SMEs, government and corporate debt issuance, financial literacy and inclusion programs, secondary market trading, world’s best practice corporate governance and a portal for critical foreign capital inflows.
Working closely with the Securities Commission and the Bank of Papua New Guinea, a revitalised POMSoX aims to take a leadership role in the further development and implementation of the PNG Capital Markets Act with a revised rules regime to increase the availability of project funding, investor protections, financial advisers and stockbrokers, and market liquidity.
“It is our intention to continue the work of BSP and Kina Bank to establish POMSOX as a viable business with majority ownership by PNG nationals, reflecting a mix of unique cultural values and investment opportunities together with internationally recognised investment technologies and pools of capital” said incoming director, Frank Dunphy.
“A vibrant national economy needs a well functioning and efficient equity and debt market” said incoming director, David Lawrence. “The PNG economy is ideally positioned for growth and POMSOX should be a leading voice in the PNG financial system to support that growth. It is our intention that POMSOX fill that role”.
Pacific Capital was advised in the acquisition by Logie-Smith Lanyon Lawyers, Melbourne.
