'Use' POMSOX to privatise

THE sale of government assets under Papua New Guinea’s proposed pri vatisation programme should be car ried out using the Port Moresby Stock Exchange (POMSoX), chairman Sir Antho ny Siaguru said.

Sir Anthony told the Post-Courier that this would help create wealth within PNG and keep it there.

“We (POMSoX) want to become a real player in creating wealth and keeping it onshore,” Sir Anthony said. “We want the sale of government assets to come through our exchange, we want to encourage people to buy and sell shares in these companies, on our exchange.”

POMSoX chief executive officer Graeme Faulkner, who is expected to take up the post this month, will be a commis sioner on the Privatisation Commission.

Sir Anthony also expressed satisfaction at POMSoX’s progress to date, saying “things are going like we expected it to.”

“We are happy with the progress so far. Like all pioneering enterprises, the stock exchange has been building a base.

We wanted to make sure that the foundation was firm before we started to expand,” Sir

Anthony said.

He was speaking as POMSoX waited for PNG miner Highlands Pacific to lodge its application to list on the local bourse late last month. Highlands Pacific is already list ed on the Australian Stock Exchange

(Asx).

Other dual listed companies are Steamships Trading, Orogen Minerals, Lihir Gold, Mosaic Oil, Cue Energy, Oil Search and Cardia Technologies.

Sir Anthony said the recent listing of Cana

dian company Inter Oil was “very signifi cant and a first” for the local exchange.

Inter Oil is the first international company which is not listed on the ASX to list on

Pomsox.

Sir Anthony said while they were pleased with the companies that had signed up to list, they were encouraging more new companies to consider listing.

“The stock exchange is looking to the future witji great anticipation. We will be starting with a new chief executive offi cer (this month). We will look at new list ings, and we will encourage the Bank of PNG to consider trading government instru ments as soon as possible,” he said.

The Bank of PNG is one of three foundation members of POMSoX. The other two are Kina Securities Ltd and Capi tal Stockbrokers Ltd. (Post Courier) ■