WARWICK Holdings Fiji is set to become the first dedicated hotel and tourism hospitality company to list on the South Pacific Stock Exchange (SPX).
Being listed on the SPX means Warwick Holdings Fiji will offer shares for members of the public to buy, giving ordinary Fijians an opportunity to become part-owners of the company.
SPX chief executive Sheraj Obeyesekere said the listing was still in process and involved several stakeholders.
“Warwick, when it does eventually list, will be the first out-and-out hotel and tourism hospitality company to list on the stock exchange,” Mr Obeyesekere said.
“That’s not only significant for the company, but significant for our exchange and capital market.”
Mr Obeyesekere said the listing would give members of the public exposure to Fiji’s hospitality and tourism sector through the stock market, which was significant for an economy heavily dependent on tourism.
He said the listing could also result in the first year in which Fiji had multiple equity listings on the stock market, which would indicate greater investor interest and development of the corporate sector.
“I’d like to also, on behalf of the Exchange, place on record our appreciation to the government for progressive fiscal policies towards capital marketing.
He said tax incentives included exemptions on withholding tax on dividends and capital gains tax on share investments, as well as tax deductibility for certain restructuring, capital market, listing and advisory costs.
“Those are certainly encouraging, and also there’s tax benefits given to encourage investment in the stock market.”
He said the incentives demonstrated Government’s willingness to support growth while focusing on fiscal consolidation.
