The inaugural listing of Kina Securities Limited (KSL) on the Port Moresby Stock Exchange (POMSoX) was held today ‐ Thursday 30th July 2015.
KSL undertook an Initial Public Offer listing in the General Admission Category. KSL is the 22nd company to be admitted to the Exchange’s Official list. It is a PNG-based company with its Head Office located in Port Moresby.
Kina Securities Limited undertook a very successful initial public offer both in PNG and Australia. The success of its fundraising can be attributed to the commitment and dedication of its Board and management to offer a product that is very attractive in terms of the diversified financial services that the company provides. The company will now also provide banking services as well after the acquisition of Maybank PNG Limited.
In admitting the company to the exchange’s official list, the Acting General Manager of POMSoX, Mr. Vincent Ivosa said “that the success of the initial public offer by KSL highlights two significant features of our market. Firstly, is the fact that initial public offers by companies in future in PNG can be successful if not oversubscribed. Secondly, it also proves that more and more Papua New Guineans are now more interested in investment in the share market. It can be considered as an attractive investment. The listing provides a real opportunity for Papua New Guinean investors, especially our ordinary mothers and fathers, to buy shares in the company and contribute toward further growth and development of the company.”
“We also hope that the listing of KSL will demonstrate to other similar-sized PNG companies in other industries and sectors that they can also go public and consider listing on POMSoX. Listing provides companies with access to capital both locally and internationally — capital that companies would otherwise not have access to if they were not listed. Listing also increases the profile of companies as they get more frequent exposure,” said Mr. Ivosa.
