BSP CAPITAL MEDIA STATEMENT

30 November 2018 

BSP Capital sells Port Moresby Stock Exchange shareholding in order to comply with PNG's Capital Markets Act, 2015.

  • BSP Capital [BCAP  ] today announced it had entered into an agreement to sell all of its shareholding [62.5%] in the Port Moresby Stock Exchange [POMSOX]. BCAP is a wholly owned subsidiary of the Bank of South Pacific Limited [BSP].

  • The decision is in line with the requirements of the PNG Capital Market's Act, 2015 [the Act]. Specifically, the Act [subdivision 1 Section 9 subsection 10] prohibits stock exchange membership by:

  • Listed companies [BSP] or its wholly owned subsidiaries [BCAP]; and

  • Any investment adviser or entity [BCAP] operating under a license issued by the Capital Markets Act.

  • Pacific Capital Markets Development Pty Limited [PCMD] agreed to acquire BCAP's entire POMSOX shareholding earlier today. PCMD's immediate objective will be to enhance the fundamentals of its market structure and to put in place processes, systems and a broader ecosystem that will enable the market to expand.

  • PCMD is an Australian company committed to the development of PNG capital markets and other capital markets in the Pacific region. The Principals of PCMD are David Lawrence and Frank Dunphy:

  • David Lawrence has over 30 years of experience in the operation of markets. He has previously held senior roles at the ASX, the Sydney Stock Exchange and the Tianjin Mining Exchange in China.

  • Frank Dunphy has more than 25 years experience in stockbroking, funds management and the operation of stock exchanges. He was previously Managing Director of the Bendigo Stock Exchange and Chairman of the Port Moresby Stock Exchange.


For media enquiries contact:
Gorethy Semi, Head of Marketing & Public Relations [305 7765]

Stock Market News and Updates

  • Friday 30th November 2018

    BSP Capital sells Port Moresby Stock Exchange shareholding in order to comply with PNG's Capital Markets Act, 2015.
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