The South Pacific Stock Exchange (SPX) achieved a remarkable milestone in 2024, with the 16 listed entities disbursing a record-breaking $76 million in dividends. This accomplishment marks the highest annual dividend payout in the exchange’s history, pushing the total dividends distributed by SPX entities since 2000 to over FJD1 billion.
Additionally, 2024 was notable for welcoming the first equity listing in Fiji since 2019, with the successful Initial Public Offering (IPO) of SUN Insurance Company Limited (SUN). The IPO received an enthusiastic response from investors, indicating strong demand during both the private placement phase and public offering, suggesting the market’s readiness for further listings.
SPX-listed companies also introduced innovative dividend reinvestment plans, which were met with positive responses from shareholders, reflecting their confidence in the continued growth of these entities. SPX chief executive Sheraj Obeyesekere highlighted that the market’s strong performance in 2024 points to exciting future opportunities for investors, showcasing both share price growth and unprecedented dividend payouts.
Obeyesekere emphasized the importance of rewarding shareholders through consistent dividends, conveying a robust message about the resilience and potential of the Fijian stock market. Although trading activity remains limited, primarily driven by institutional investors, there is a growing interest among the public, which bodes well for the market’s future.
Looking ahead, SPX is committed to amplifying public awareness of investment opportunities, making the market more accessible to all Fijians. The CEO encouraged more local companies to consider listing, reinforcing the belief that investors are eager to support businesses with strong growth trajectories.
This positive outlook not only reflects the resilience of the Fijian stock market but also inspires optimism among investors and potential market entrants. The record dividends and renewed interest in IPOs suggest a bright future for economic growth and shareholder value in Fiji.
Summary: The South Pacific Stock Exchange recorded a historic $76 million in dividends in 2024 and welcomed its first IPO since 2019, signaling strong investor confidence and robust market potential. SPX aims to enhance public investment awareness and encourages local companies to consider listing, projecting a hopeful trajectory for Fiji’s stock market.
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