The South Pacific Stock Exchange (SPX) is set to introduce dual listings for companies looking to go public, marking a significant development for Fiji’s capital market. Announced recently, the SPX has established a high-level working group to create a framework that will allow entities to list and trade shares on both the SPX and Papua New Guinea’s National Stock Exchange (PNGX).
Chaired by SPX Chairman Nitin Gandhi, this initiative aims to promote regional integration of capital markets within the Pacific. Gandhi emphasized the importance of collaborative efforts involving multiple stakeholders including legal, regulatory, and operational perspectives in developing a functional dual listing framework. He stated, “The working group provides a platform for this collaboration and reflects our shared commitment to building a practical and forward-looking cross-border market structure.”
The inaugural meeting of the working group took place last week and includes members from various organizations such as the Reserve Bank of Fiji, the Ministry of Finance, and investment firms, as well as representatives from PNGX. The group will tackle key issues such as legalities, regulations, tax considerations, and operational logistics that will facilitate this dual listing concept. This encompasses the creation of mechanisms for share transferability between the two nations and establishing coordinated regulatory oversight, with a pilot transaction potentially being proposed to validate the framework.
The SPX’s move aligns with its ongoing efforts to modernize capital markets in Fiji and enhance its competitiveness in the region. This includes previous collaborative initiatives with PNGX aimed at technological advancements and infrastructural development, reflecting a clear trajectory toward a more interconnected Pacific financial landscape.
This dual listing framework holds promise not only for increased investment opportunities within Fiji but also paves the way for sustainable economic growth across the region, encouraging more businesses to engage with the capital markets. By fostering collaboration and innovation, SPX and PNGX are setting a hopeful tone for a more resilient financial ecosystem ready to adapt to the evolving demands of the market.
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