COMPANIES have been urged to explore the stock market as an avenue for capital raising and price discovery.
This was in light of a record-breaking 2024 by Fiji’s Suva-based South Pacific Stock Exchange (SPX), where a highlight for the year was the record-breaking dividend payouts by SPX-listed entities.
“Sixteen entities declared a total of $76 million in dividends (during the year), the highest total annual dividend payout in the market’s history,” said SPX chief executive officer Sheraj Obeyesekere in his announcement on Friday of what he described were “encouraging trends in Fiji’s stock market performance in 2024.”
“The market’s performance in 2024 is a promising indicator of the opportunities ahead for the Fijian stock market.
“Dual returns of share price growth and record-breaking dividend payouts by SPX-listed entities underscores the significant value the stock market offers to investors.
“It is particularly encouraging to see listed entities in Fiji consistently rewarding shareholders through dividends, demonstrating their commitment to delivering shareholder value.
“This sends a strong and positive message to our investor community about the resilience and potential of the Fijian stock market and the strong performance of our listed entities.”
Last year, SPX facilitated the Initial Public Offering (IPO) and listing of SUN Insurance Ltd, the first IPO since 2016, which took to 20 the number of listed securities.
The IPO was oversubscribed with overwhelming response from mum and dad investor, an encouraging sign for companies that wish to come on board.
“The IPO in 2024 has reaffirmed that investors are ready to back solid companies with strong investment cases and growth stories,” Mr Obeyesekere said.
“We encourage more Fijian companies to explore the opportunities of listing on the stock exchange.
“SPX is ready to provide the support and facilitation needed to make the listing journey seamless and successful.”
NOTE: This article was first published in the print edition of the Fiji Times dated January 07, 2025.
