Sun Insurance Company Limited is set to carry out an Initial Public Offering (IPO) of its ordinary shares for listing on the Stock Exchange.
Chairman Padam Lala emphasizes that this announcement reflects the company’s ethos, “For Fijians, by Fijians.”
Sun Insurance is now inviting the public to apply for shares in their first Public Offer of 7 million shares, priced at $1.05 per share, aiming to raise $7.35 million.
This public offering marks a significant milestone in Sun Insurance’s 25-year history.
The IPO was officially announced at a press conference held at the company’s headquarters in Flagstaff, Suva, attended by business leaders, dignitaries, stakeholders, and local media.
“In 1999, we envisioned growing Sun into an industry powerhouse, recognized for quality, innovation, and service. Today, as we celebrate our 25th anniversary, we are proud to share our success with the people of Fiji,” Lala stated.
The shares are expected to yield a 3.8 percent dividend in the current financial year, with expectations for growth in the subsequent year.
The offer period closes at 4pm on the 31st of this month.
After the offer’s closure and the allotment of the shares, Sun Insurance is scheduled to list on the South Pacific Stock Exchange on the 15th of August, marking the first listing since 2019.