The South Pacific Stock Exchange (SPX) anticipates a surge in listings this year, with both state-owned enterprises and more private sector companies expected to join the market. Executive Director Gyanesh Rueben says listing does not equate to privatisation, clarifying a common misconception. He noted that while government policies and plans would determine the timing of state-owned enterprise listings, there is a critical need for increased awareness that listing on the stock exchange is distinct from privatisation.
“Our platform will persist in offering investment access, capital-raising opportunities, and wealth creation through dependable, secure, regulated, and advanced trading platforms,” Rueben was quoted as saying in the Fiji Sun. The SPX remains focused on product diversification, expanding the number of entities listed on the equity market, attracting additional issuers to the debt market, enhancing liquidity, promoting increased trading activities, and forging strategic alliances with other established exchanges.
Rueben further highlighted that listing on the SPX presents an opportunity for state-owned enterprises to secure market-based funding for business expansion and growth.
One notable entity, Energy Fiji Limited, a statutory monopoly like the Water Authority of Fiji and national carrier Fiji Airways, is a trustee limited on the exchange. Statutory monopolies, unlike other entities, are not subject to market competition or discipline. Energy Fiji Limited intends to be admitted to the official list of the SPX. Once non-voting shares have been quoted on the SPX and the initial disposal restrictions have been lifted, shareholders will be able to sell securities on the SPX, similar to how other shares quoted on the SPX are sold.
The SPX has made significant strides to facilitate increased involvement from local, institutional, retail, and foreign investors. According to Rueben, the exchange is dedicated to promoting good governance, transparency, accountability, and compliance.
Established in 1979, the South Pacific Stock Exchange is the only licensed securities exchange in Fiji. It plays a pivotal role in the country’s financial market, providing a platform for companies to raise capital and for investors to trade securities. The SPX has grown steadily over the years, enhancing its infrastructure and expanding its services to include a broader range of financial instruments.
In recent years, the SPX has focused on increasing market participation through various initiatives, including investor education programs and the introduction of new financial products. The exchange has also worked to improve its regulatory framework to ensure a fair and transparent trading environment.
The SPX’s strategic goals include fostering a robust capital market in Fiji, increasing the number of listed companies, and attracting both domestic and international investors. With the anticipated increase in listings this year, the SPX is well-positioned to play a crucial role in Fiji’s economic development by facilitating investment and promoting corporate growth.
