The President of Fiji, Ratu Wiliame Katonivere, officially opened trading at the South Pacific Stock Exchange (SPX) on Thursday by ringing the ceremonial Opening Bell, celebrating the listing of Sun Insurance Company Ltd (SUN) on the SPX main board.
This event is part of a valued tradition within the stock exchange sector globally, as highlighted by SPX in an official statement. The listing of SUN follows a successful Initial Public Offering (IPO) where the company offered seven million shares, garnering significant interest from investors, leading to oversubscription.
Approximately 120 million Ordinary Shares of SUN are now available on SPX for trading under the ticker symbol SUN. Nitin Gandhi, chairperson of SPX, remarked that Sun Insurance’s decision to go public is an indication of the company’s aspirations for growth and its commitment to transparency.
“The listing of Sun Insurance is an important milestone for SPX, bringing our total equity listings to 20. We anticipate that this will pave the way for more listings in the upcoming months,” Gandhi stated. He emphasized that as a newly listed entity, Sun Insurance is responsible for generating long-term shareholder value, which encompasses more than just financial returns; it also involves fostering a sustainable business model that emphasizes transparency, ethical governance, and strategic growth.
Gandhi noted that the listing of Sun Insurance is expected to boost SPX’s market capitalization by around four percent, adding significant depth to the stock market. It will also enhance the representation of the insurance sector within SPX, which is essential for providing investors with a broad spectrum of investment options. He encouraged other private companies in Fiji to consider joining the exchange.