Government to support PNG based company diversify its portfolio

The PNG Government is keen to support businesses expand and diversify their operations in the country.

International Trade and Investment Minister, Richard Maru after returning to the country from the PNG Investment Week in Australia made these statement.

"This is plain common sense because we all know that PNG-based companies know the local business environment including the challenges they have faced to build and operate their businesses in the country and build up capital reserves from their retained earnings in the country, and can better assess the risk profile of their business expansion and diversification plans with local knowledge and experience.

"Two companies that have really impressed me at the PNG Investment week were K92 Mining and a Canadian company, High Arctic whose Chairman, Michael Binnion, is also the PNG Consul General in Canada”

Minister Maru said High Artic has approached the Government through his office to be listed on PNG National Stock Exchange next year to raise domestic capital to fund their major expansion and diversification plans in PNG. 

"They are also keen to partner the Government of PNG to bring a major trade delegation from PNG to Canada next year to market potential investment opportunities to the Canadian investment community and to secure trade and investment flows between our two countries.”

Meanwhile, Minister Maru added that his office will work very closely with the company, the National Stock Exchange, and the Securities Commission of PNG to have their company listed in the country’s stock market next year.  

“This should enable the company to issue an Initial Public Offering for PNG investors to invest in the company. We are also encouraging K92 Mining to also be listed in our National Stock Exchange to enable our citizens and local Institutional Shareholders like the superfunds and landowner companies to invest and fund the K92 Mine expansion plans.”