The President of Fiji, Ratu Wiliame Katonivere, officially opened trading on Thursday at the South Pacific Stock Exchange (SPX) by ringing the ceremonial Opening Bell to celebrate the listing of Sun Insurance Company Ltd (SUN) on the SPX main board. This event, a significant tradition in stock exchanges globally, highlights new listings.
The listing of SUN results from a successful Initial Public Offering that saw seven million shares offered and considerable interest from investors, leading to oversubscription. With approximately 120 million ordinary shares now available, SUN can be traded on the SPX under the ticker symbol SUN.
Nitin Gandhi, the chairperson of SPX, noted that Sun Insurance’s decision to enter the public markets represents a strategic vision for growth and transparency. He emphasized that the listing marks a significant achievement for SPX, bringing the total number of equity listings to 20. Gandhi expressed optimism that this would pave the way for further new listings in the months ahead.
As a newly publicly listed company, Sun Insurance is now tasked with delivering long-term shareholder value, which entails not only financial success but also sustaining a business model that prioritizes transparency, ethical governance, and strategic growth. The listing is expected to raise SPX’s market capitalization by around four percent, adding depth to the market and enhancing the representation of the insurance sector, thus providing investors with diverse investment options.
Gandhi also urged other private companies in Fiji to consider pursuing listings on the exchange.