The President of Fiji, Ratu Wiliame Katonivere, inaugurated trading at the South Pacific Stock Exchange (SPX) by ringing the ceremonial Opening Bell on Thursday, celebrating the official listing of Sun Insurance Company Ltd (SUN) on the SPX main board.
This tradition of recognizing new listings by ringing the Opening Bell is a significant practice in stock exchange operations globally, according to a statement from SPX.
The listing of SUN followed a successful Initial Public Offering (IPO) of seven million shares, which garnered a robust response from investors, leading to an oversubscription. Approximately 120 million Ordinary Shares of SUN are now listed on the SPX and are available for trading in the secondary market under the ticker symbol SUN.
Nitin Gandhi, the chairperson of SPX, commented on the SUN listing, stating that the company’s decision to enter public markets demonstrates its commitment to growth and transparency. “The listing of Sun Insurance marks an important milestone for the SPX, increasing our total equity listings to 20. We are hopeful this will be the first of many more listings in the upcoming months,” he said.
He further emphasized that as a newly listed entity, Sun Insurance has the responsibility to foster long-term shareholder value, which transcends mere financial returns. This includes building a sustainable business foundation that emphasizes transparency, ethical governance, and strategic growth.
Mr. Gandhi also mentioned that the listing of Sun Insurance is expected to boost the SPX market capitalization by around four percent, adding significant depth to the stock market. Additionally, this listing enhances the representation of the insurance sector on the SPX, offering investors a wider array of investment opportunities. He encouraged more private companies in Fiji to consider becoming publicly listed.