The President of Fiji, Ratu Wiliame Katonivere, inaugurated trading on Thursday by ringing the ceremonial Opening Bell at the South Pacific Stock Exchange (SPX). This event marked the official listing of Sun Insurance Company Ltd (SUN) on the SPX main board.
The SPX highlighted that ringing the Opening Bell to celebrate new listings is a valued tradition in stock exchanges worldwide. Sun Insurance’s listing on the SPX follows a successful Initial Public Offering (IPO) of seven million shares, which garnered significant interest from investors and resulted in oversubscription.
A total of 120 million ordinary shares of Sun Insurance have been accepted for trading on the SPX, identified under the ticker symbol SUN on the secondary market.
Nitin Gandhi, chairperson of the SPX, remarked that Sun Insurance’s decision to go public signifies the company’s commitment to growth and transparency. He stated, “The listing of Sun Insurance marks an important milestone for the SPX, increasing our total equity listings to 20. We are hopeful this will pave the way for more new listings in the near future.”
Gandhi emphasized that as a newly listed entity, Sun Insurance has the responsibility to generate long-term shareholder value, which transcends mere financial results. It involves building a sustainable business characterized by transparency, ethical governance, and strategic development.
He noted that Sun Insurance’s listing will enhance the SPX market capitalization by approximately four percent, adding valuable depth to the stock market. Moreover, the listing improves the representation of the insurance sector on the SPX, providing investors with diverse investment options.
Gandhi encouraged more private companies in Fiji to contemplate listing on the exchange.