Kina Asset Management hits milestone with official listing
Tue Jul 15, 2008 4:00pm
Kina Asset Management Limited hit a milestone in Papua New Guinea's
short securities market history with 14 trades and climbing, 30
minutes into its official listing today.
Its initial public offer price was K1 per
share, but at the listing today, it opened at K1.05, and then K1.12,
just 30 minutes into what looks to be a promising public stock-life.
PNG investors alone had oversubscribed the K45m initial public offer,
although the final figure has not been disclosed.
With more than 2,800 Papua New Guineans as its shareholders, it is by
far the largest in terms of shareholder of home-listed companies.
These results, both for the company and the Port Moresby Stock
Exchange comes despite key global markets concerns for the world
economy.
KAML will be investing majority of its funds in PNG-based companies
and institutions, but has approval to invest up to 40% of its funds
with internationally listed companies. |
