In an impressive development for the South Pacific Stock Exchange (SPX), 16 companies reported a record total dividend payout of $76 million for the year 2024. This remarkable figure marks the highest annual dividend distribution in the exchange’s history, pushing the cumulative dividends paid out by SPX-listed entities since 2000 to over FJD 1 billion.
Additionally, the Fijian stock market celebrated its first new equity listing since 2019 with the successful launch of SUN Insurance Company Limited (SUN). The Initial Public Offering (IPO) for SUN attracted considerable attention from both institutional investors during its private placement phase and the public, highlighting a strong appetite for new investment opportunities.
SPX entities have also introduced innovative dividend reinvestment plans, which have been well-received by shareholders, reflecting growing confidence in the market’s potential for growth. Sheraj Obeyesekere, the CEO of SPX, expressed his optimism, stating that the 2024 performance is a positive indicator of the Fijian stock market’s future opportunities. He noted the dual benefits of rising share prices and record dividends as clear signs of the market’s value for investors.
Obeyesekere also remarked on the trading activity, acknowledging that while the market remains less active compared to larger global exchanges, there has been a noticeable increase in investor participation. This burgeoning interest signals a promising shift toward more dynamic trading and investment practices.
Looking forward, SPX aims to build on this momentum by enhancing public awareness around investment opportunities, striving to make the stock market more accessible to all Fijians. The success of the recent IPO has reaffirmed investor readiness to support companies with strong growth potential, encouraging more local businesses to consider listing on the exchange.
In summary, this year’s accomplishments reflect not only the resilience and potential of the Fijian stock market but also the ongoing commitment of SPX to foster a thriving investment environment. The outlook for 2025 remains optimistic, with prospects for continued growth and opportunity on the horizon.
Leave a comment