In 2024, the South Pacific Stock Exchange (SPX) achieved a remarkable milestone by distributing a record-breaking dividend of $76 million among 16 listed entities, marking the highest total annual payout in the exchange’s history. This significant payout raised the total dividends distributed by SPX-listed entities since 2000 to over FJD1 billion.
Additionally, 2024 was noteworthy for the Fijian stock market as it welcomed its first equity listing since 2019 with the introduction of SUN Insurance Company Limited (SUN). The Initial Public Offering (IPO) attracted considerable interest, highlighting a strong demand for new listings and showcasing the market’s readiness to support future IPOs.
SPX-listed entities continued to demonstrate innovation by introducing dividend reinvestment plans, which received enthusiastic responses from shareholders, reflecting the growing investor confidence in the potential for growth within the stock market.
Sheraj Obeyesekere, the CEO of SPX, emphasized the positive performance of the market in 2024, indicating it as a promising sign for future opportunities in the Fijian stock market. He noted that the combination of share price growth and record dividends illustrates the value the market holds for investors. The continued commitment of listed entities to rewarding shareholders through dividends sends a powerful message regarding the resilience and potential of the market.
While trading activity remains limited compared to more active markets and is largely influenced by institutional investors, Obeyesekere remarked on the encouraging trend of increasing participation by more investors. This uptick signifies a growing interest in trading and investment opportunities.
Looking to the future, SPX aims to build upon this momentum by enhancing public awareness of investment opportunities and making the market more accessible to all Fijians. The CEO expressed optimism for 2025, anticipating that the positive trajectory will persist. He also called on more Fijian companies to consider listing, noting that the success of the 2024 IPO underscores investors’ readiness to invest in solid companies with compelling growth narratives.
This article reflects a positive outlook for the Fijian stock market, as it highlights both historical achievements and future opportunities for growth and investment. The developments suggest a gradually thriving financial landscape, encouraging broader participation and engagement from the community.
Summary: The South Pacific Stock Exchange (SPX) achieved a record dividend payout of $76 million in 2024, with the total dividends since 2000 exceeding FJD1 billion. The market welcomed its first IPO since 2019, drawing strong investor interest, and introduced innovative dividend reinvestment plans. CEO Sheraj Obeyesekere highlighted the market’s resilience and potential, expressing optimism for continued growth in 2025 and encouraging more companies to consider listing.
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