History

The idea to establish a Stock Exchange in Papua New Guinea goes back more than a decade. Numerous studies and investigations were undertaken and papers presented by economic commentators, government advisors and organizations, all exploring the viability of a Stock Exchange in the PNG economy.

It was not until 1994, when the PNG Government established a Stock Exchange Steering Committee to oversee a project on the development of a Stock Exchange in PNG. This committee comprised of representatives from the Bank of Papua New Guinea, The Department of Finance, The Registrar of Companies and McIntosh Securities.

The Government´s commitment was further enhanced by approving funding through the Bank of Papua New Guinea to fund the establishment phase of the Stock Exchange. In 1996, significant progress had been attained with major foundational work completed.

This included, among other things, the drafting of legislation to set up the legal framework for a Stock Exchange to be established. In 1997, the Companies Act 1997 and Securities Act 1997 were passed by Parliament, paving the way for a securities market to be established.

Since the beginning of 1998, significant progress had been made in advancing the early function of the Stock Exchange. The corporate vehicle for the Stock Exchange, POMSoX was incorporated as a private company on January 26, 1998. POMSoX is closely aligned to the Australian Stock Exchange (ASX). The ASX had licensed to POMSoX its Business and Listing Rules. POMSoX procedures are a mirror image of the ASX.

POMSoX formally opened its office on April 28, 1999, and subsequently launched its Trading System. On June 4, 1999, the Securities Commission of PNG formally approved POMSoX as a Stock Exchange. The approval enabled POMSoX to commence live trading operations.

The major aim of POMSoX is to provide a medium for the mobilization and raising of national and international capital for the long-term benefit of the citizens of Papua New Guinea. POMSoX is important to ordinary people because they can buy a small number of shares in a company, and they can be part of the launching of new companies in PNG and overseas. It is an investment option that they can productively use their savings in, rather than holding them in a savings account. It means that new companies which need money to start of a new business in PNG can get people to buy shares in that business. Most of all, it gets more money flowing within the country, cultivates growth and build wealth.

In 2019, POMSox was renamed PNGX.