Photo: Mr. Benny Popoitai
Minister for International Trade and Investment, Hon Richard Maru today announced the appointment of Mr. Benny Popoitai as the Director to Papua New Guinea National Stock Exchange (PNGX). Mr. Popoitai’s appointment was made pursuant to Section 12 (1) of the Capital Market Act 2015.
“It gives me the great honor and privilege to announce the appointment of Mr. Popoitai as a state nominated Director to the Board of PNGX. Mr. Popoitai brings in wealth of experience to the domestic capital market. He has been a distinguished person within PNG’s financial sector, especially with the Bank of Papua New Guinea (BPNG) as Deputy Governor, Acting Governor, and currently the Director of Financial Analysis and Supervision Unit (FASU) within BPNG. Mr. Popoitai’s experience and expertise will guide the market to major reforms for growth as he has been in the forefront of BPNG’s regulatory reforms over the years and his appointment adds value, creditability, and public confidence to our market,” said Minister Maru.
Minister Maru said that since the inception of capital markets in PNG in 1997, there has been no significant progress to grow the markets until 2015 when PNG’s capital market went through reforms to build regulatory fundamentals to a modern standard to keep up with the fast changes in technologies and ways of doing business in the capital market space.
“Since then, there has been no public interest representative on the stock exchange over the past 24 years to improve governance and provide direction for the development of our market. Mr. Popotai’s leadership will greatly help to further the reforms, especially in the new bond market and the proposed platform for SMEs to raise capital,” said Minister Maru.
Minister Maru added that Mr. Popoitai’s appointments will also improve transparency and collaboration in the working relationship with Securities Commission of Papua New Guinea (SCPNG) and PNGX.
“SCPNG and other stakeholders must work with Mr. Popoitai and the PNGX for further market developments,” said Minister Maru.
