The President of Fiji, Ratu Wiliame Katonivere, officially opened trading at the South Pacific Stock Exchange (SPX) by ringing the ceremonial Opening Bell on Thursday. This occasion celebrated the listing of Sun Insurance Company Ltd (SUN) on the SPX main board.
According to a statement from SPX, the tradition of recognizing new listings by ringing the Opening Bell is a valued practice in stock exchanges worldwide. SUN’s listing follows a successful Initial Public Offering (IPO) of seven million shares, which was met with a strong response from investors, resulting in oversubscription.
With approximately 120 million ordinary shares of SUN listed on SPX, they can now be traded in the secondary market under the ticker symbol SUN. Nitin Gandhi, the chairperson of SPX, commented that entering the public markets demonstrates the company’s commitment to growth and transparency.
“The listing of Sun Insurance is a significant achievement for SPX, bringing our total equity listings to 20,” said Gandhi. “We are hopeful this will be just the beginning of many new listings in the months to come.”
Gandhi emphasized that Sun Insurance is now responsible for creating long-term shareholder value, which entails more than just financial returns. It involves establishing a sustainable business that prioritizes transparency, ethical governance, and strategic growth.
He also noted that the listing of Sun Insurance is expected to increase the market capitalization of SPX by about four percent, contributing valuable depth to the stock market. Additionally, the listing improves the representation of the insurance sector on SPX, which is vital for providing investors with diverse investment options.
Gandhi encouraged more private companies in Fiji to consider listing on the exchange.