In 2024, the South Pacific Stock Exchange (SPX) achieved a significant milestone as the 16 entities listed on the exchange distributed a remarkable total of $76 million in dividends. This figure represents the highest annual dividend payout in the history of the SPX, pushing the cumulative payouts since 2000 over FJD1 billion.
The year also marked the Fijian stock market’s first equity listing since 2019, with the successful introduction of SUN Insurance Company Limited (SUN). The Initial Public Offering (IPO) generated considerable interest among investors, both during its private placement phase for institutional investors and the subsequent public offering. This strong uptake highlighted the ongoing demand for new listings within the market, suggesting that it is well-positioned to support future IPOs.
Furthermore, SPX-listed companies have been actively engaging with their shareholders through dividend reinvestment plans, which have seen a positive reception. This trend reflects growing investor confidence in the potential for growth among these entities.
SPX’s chief executive, Sheraj Obeyesekere, noted that the market’s 2024 performance signals promising opportunities for the Fijian stock market. He emphasized that dual returns from share price growth and record dividends underscore the significant value available for investors, and he commended local companies for consistently rewarding their shareholders.
While trading activity in Fiji remains limited compared to more active stock markets, the progress made in 2024 is seen as encouraging, with an increasing number of investors actively participating in trading and investment opportunities. Obeyesekere expressed optimism about continuing this positive trend into 2025, with ongoing efforts to enhance public awareness of investment opportunities, making the SPX more accessible to Fijians.
He further invited local companies to consider the advantages of listing on the exchange, indicating that the successful IPO in 2024 demonstrates investor readiness to support strong businesses with clear growth narratives. SPX is dedicated to facilitating a smooth and successful listing process for interested companies.
In summary, the achievements of the SPX in 2024 reflect a thriving market poised for further growth, with increasing investor participation and innovative dividend strategies that promise a bright future for the Fijian stock landscape. This positive trajectory is an encouraging sign for both local businesses and investors alike, fostering an environment of hope and opportunity in the region’s financial sector.
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