In a landmark achievement, the 16 entities listed on the South Pacific Stock Exchange (SPX) declared a record dividend payout of $76 million for the year 2024, marking the highest annual total in the exchange’s history. This milestone has pushed the cumulative dividends paid since 2000 to exceed FJD1 billion.
Notably, 2024 also witnessed the SPX’s first equity listing since 2019, with the successful launch of SUN Insurance Company Limited (SUN). The Initial Public Offering (IPO) attracted considerable interest, demonstrating a robust demand for new listings and confirming the market’s readiness for future IPOs.
Entities listed on the SPX have also introduced innovative dividend reinvestment plans, receiving favorable responses from shareholders and reflecting a strong confidence in the growth potential of these companies.
Sheraj Obeyesekere, the SPX chief executive, highlighted the market’s positive performance as an encouraging sign for the future of the Fijian stock market. He stated, “Dual returns of share price growth and record-breaking dividend payouts illustrate the significant value the stock market brings to investors.” He expressed optimism about the resilience and potential of the market, emphasizing the commitment of listed entities to reward their shareholders.
While trading activity in Fiji remains modest compared to more active stock exchanges, Obeyesekere pointed out that there has been a notable increase in participation, indicating a growing interest in trading and investment.
Looking ahead, SPX is focused on maintaining this momentum by raising awareness about investment opportunities and making the market more accessible to citizens. The successful IPO in 2024 has encouraged the CEO to invite more companies to consider listing, reinforcing the message that investors are eager to support solid businesses with compelling growth narratives.
In summary, the enhanced performance of the SPX and the record dividend payouts serve as a beacon of positive growth for the Fijian economy, instilling confidence in both local and international investors. With a growing interest in stock market investment, the future appears bright for the SPX and its listed entities.
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