The South Pacific Stock Exchange (SPX) achieved a remarkable milestone in 2024, with its 16 listed entities disbursing a record total of $76 million in dividends, the highest annual payout in the exchange’s history. This noteworthy achievement brings the total cumulative dividends paid by SPX entities since the year 2000 to over FJD1 billion.
In addition to this record payout, the year also marked a significant event for the Fijian stock market with the introduction of its first equity listing since 2019, resulting from the Initial Public Offering (IPO) of SUN Insurance Company Limited (SUN). The IPO generated considerable enthusiasm among investors, showcasing strong interest from both institutional investors during the private placement and the general public offering.
The positive reception of this listing indicates a robust demand for new market entries, signifying a readiness to support future IPOs. Furthermore, SPX-listed entities have embraced innovative dividend reinvestment plans, receiving favorable responses from shareholders, reflecting growing investor confidence in the sector’s growth potential.
Sheraj Obeyesekere, the chief executive of SPX, expressed optimism about the market’s performance, emphasizing that 2024 serves as a promising indicator for the future of the Fijian stock market. He highlighted the dual benefits of share price growth alongside record dividend payouts as evidence of the significant value the stock exchange offers to investors.
Obeyesekere noted that it is particularly uplifting to see consistent rewards for shareholders as listed entities demonstrate their commitment to delivering value. He conveyed a strong and positive message regarding the resilience and potential of the Fijian stock market, emphasizing that an increase in trading activity marks a growing interest in investments among the community.
Looking ahead to 2025, there is optimism that the positive trend will continue, with SPX committed to enhancing public awareness about investment opportunities and making access to the market more inclusive for all Fijians.
The CEO encouraged more Fijian companies to consider the opportunities associated with listing on the stock exchange, stating that the 2024 IPO reaffirmed investor readiness to back solid businesses with compelling growth narratives. SPX stands ready to facilitate a seamless and successful listing process for interested companies.
Overall, this development reflects a positive outlook for both investors and companies in Fiji, fostering an environment ripe with opportunities for growth and investment.
In summary, the Fijian stock market is showing significant resilience and potential, underscored by record dividends and a successful new listing, paving the way for continued investment opportunities and market enhancement.
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