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PNGX, Papua New Guinea’s national stock exchange, welcomes the statement by Hon. Richard Maru OBE, MP, Minister For International Investment and Trade on 14 June 2023.
Newcrest is an important listing on PNGX, representing the company’s commitment to the country from which it extracts significant resources. PNGX would welcome a continued listing of these assets following completion of the merger with Newmont for similar reasons.
It is not the role of the stock exchange to advocate for or against the merger. However, it is the role of the stock exchange to advocate for the national interest of the capital market.
PNGX agrees that in a resource-rich developing nation such as Papua New Guinea, supporting the local capital markets is an important part of a company’s social, political and economic licence to operate in the country.
On 31 March this year, Hon. Richard Maru, Minister for International Trade & Investment, said “We want the capital market to grow exponentially to the point where all foreign listed companies who buy into or operate and profit from PNG to have a secondary listing on the PNG national stock exchange”.
“PNGX welcomes the further reference in Minister Maru’s statement that in future the Government will put in place a process for all such entities to be listed on the exchange to improve the wealth for Papua New Guinean citizens and landholder companies apart from the State. We look forwards to working with the Minister on this exciting opportunity for local investors” said PNGX Chairman, Mr David Lawrence.
A copy of the Minister’s statement of 14 June is attached for reference.
