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Government Notes Firms Ripe for Listing On Stock Exchange

Government Notes Firms Ripe for Listing On Stock Exchange
Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum, at the South Pacific Stock Exchange Annual Listing Forum at the Grand Pacific Hotel in Suva yesterday. Photo: A-G’s Office
September 23
11:03 2016

Government believes there are a number of companies in Fiji that are quite ripe for listing on the South Pacific Stock Exchange.

Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum, highlighted this yesterday at SPSE’s Annual Listing Forum, at the Grand Pacific Hotel in Suva.

“There is a saying that the first generation builds the business, the second generation consolidates it and the third generation starts losing it,” he said.

“We have seen that in some companies in Fiji where it was built in 1940s and 1950s and then consolidated.

“But it now because of changing circumstances, the families have got bigger – so the returns are not so big.

“In order to retain that level of return from that business from the generation that built it up, there is opportunity to list on the stock exchange.

“We hope by putting up various incentives for listing, some of the family-owned businesses will be able to do that.”

Mr Sayed-Khaiyum emphasised that Government has been very keen to develop the capital markets and have sound financial systems in place.

He stressed that while listing companies unfortunately was not the only way to get transparency, but it did bring a greater level of transparency and better accountability.

Listing a company of the stock exchange also gives individuals a chance to participate in the private sector, he said.

“Individuals have the option to buy shares and secure their future,” he said.

Mr Sayed-Khaiyum revealed there is one state-owned enterprise which they see as being ripe for listing.

At the same time, with the planned divestment of Fiji Electricity Authority, Mr Sayed-Khaiyum said they want to give a certain percentage of shares to the account holders to buy shares and invest in the utility company.

EDITED BY: Rachna Lal

Feedback:  rachnal@fijisun.com.fj

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