The major aim of PNGX 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. PNGX 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 use their savings in productively 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 PNG and creates growth and wealth.
PNGX is tasked with the job of running and maintaining the independent operations of the stock market. Its primary task is to ensure integrity in its systems and provide confidence to investors and market participants using the market to buy and sell shares. The company was established and registered under the Companies Act 1997. It was granted a license to operate a stock market under the Securities Act 1997 and is regulated by the PNG Securities Commission.
Membership of the Stock Exchange is only through Corporate basis (body) Membership. In other words, memberships can only be granted to organizations that sufficiently satisfy the Membership Admission Criteria. Membership criteria can be accessed via the POMSoX Business Rules. It should be noted that criteria contained in the Business Rules is not the finalized set of requirements. The Board of the Exchange has absolute discretion in determining additional requirements and conditions for membership.
The global trend in stock market is always changing due to the rapid advancement in technology. Trading in PNG is no different to other markets around the globe. There is always a clear process to follow in conducting market transactions and participations
Here at POMSoX, we have a simply process that caters for all types of investors including international and local investors, corporate merchants and retail investors.
POMSoX operates an electronic trading platform called the Port Moresby Stock Exchange Electronic Trading system or PETS. Stockbrokers or Participating Organizations of POMSoX have access to PETS via a remote terminal located at each broker’s offices. Under the Securities Act 1997, only members of a recognized stock exchange are allowed to performed transactions on the market provided by its Stock Exchange.
For all types of market transactions, investors are required to secure the services of a member stockbroker to perform these tasks on their behalf. Trading on the market is also via a recognized stockbroker. Stockbrokers can perform other tasks required by investors and market participants on a number of matters in regard to corporate advising, funds management, IPOs and fund raising managers, underwriting, etc….