When it comes to breaking new ground, McIntosh Securities make a habit of excelling themselves.
This crusading company is described as the “stockbroker of superlatives”. It is the biggest underwriter in the South Pacific, the only publicly listed stockbroker in Australia and, perhaps most innovative of all, the first stockbroking firm to set up in Papua New Guinea.
The McIntosh office in Port Moresby has built up a formidable reputation due to a combination of reliable service and financial expertise. It has been involved in practically every major project in PNG over the last few years.
The company balances its time principally between co-ordinating capital raising projects and advising private clients, who range from investment seeking individuals to international companies. It is the leading manager of the Lihir gold mining project, which has a projected expenditure of 600 million Australian dollars. Other assignments include the management of the National Provident Fund, valuations for the Post & Telecommunications Corporation, advisory work for the Investment Corporation of PNG and Paradise Bakeries.
For some time the Government of PNG has been preparing the way for the opening of a stock exchange in Port Moresby. John Hooton, McIntosh’s forward thinking managing director, is prepared. “We have done all the work to get it up and going. It could start tomorrow if we felt that the climate was conducive to it being successful. It all depends on a turn-round in the economy and that will happen. There is no doubt of it.”
Other than the small stock exchange in Fiji, Papua New Guinea’s exchange will be the first among the island nations. It will be very much an emerging market. There are always fund managers who want to inject a portion of their funds into the global equity scene. Papua New Guinea will provide a fresh lure.
Much of McIntosh’s business is international. They have offices dotted all over the major cities including Hong Kong, Tokyo, New York and London. They are able to offer advice on financial markets all over the world. It is a very formative and progressive time for the Papua New Guinean financial market. McIntosh are at the forefront of this exciting new era.