SUNBIZ

Vision Investments Lists On The Stock Market

  After a lapse of over four years, a new company has been listed on the South Pacific Stock Exchange. Vision Investments Limited successfully listed its ordinary shares on the
01 Mar 2016 11:38
Vision Investments Lists On The Stock Market
From left: Vision Group chief executive, PL Munasinghe, South Pacific Stock Exchange (SPSE) chairperson, Nur Bano Ali, Reserve Bank of Fiji Governor Barry Whiteside, Vision Group chairperson, Dilip Khatri, Vision Group directors Navin Patel, Dinesh Patel, Suresh Patel, Subhas Parshotam and SPSE chief executive Latileta Qoro following the official listing of Vision Investments on the SPSE. Photo: RACHNA LAL

 

After a lapse of over four years, a new company has been listed on the South Pacific Stock Exchange. Vision Investments Limited successfully listed its ordinary shares on the stock exchange as of 3pm yesterday. Vision Investments Limited’s divisions and principal activities are Courts (Fiji) Limited, Vision Motors, Mahogany Industries and Vision Finance.

During trading yesterday, a total of 28,980,338 shares in the price range of $1.57 to $1.75 were executed via private placement transactions while a total of 334,000 shares were executed via normal market trades at a price of $1.70.

Vision Investments Limited now has 103,769,425 ordinary shares quoted on the SPSE and closed trading at a price of $1.70 accumulating an aggregate market capitalisation value of $176,408,023.

Vision Investments also becomes the second largest company listed on the SPSE by market share behind the telecommunications giant, Amalgamated Telecom Holdings Limited (ATH) and currently occupies 13.91 per cent of the overall market.

Vision Investments major shareholders now are the Fiji National Provident Fund, BSP Life, Unit Trust of Fiji, Fijian Holdings Unit Trust and International Finance Corporation.

 

What the listing means

SPSE chairperson, Nur Bano Ali, said the listing will add $181.6 million to the market capitalisation, taking it to $1.267 million.

“This market capitalisation is at an all-time high for the stock exchange since 2000,” she said.

“That is quite impressive and thanks goes to Vision for their bold direction and vision. It is a case of mobilising their business name into action.”

Ms Ali said Vision Investments was the first entity to have tested some of the recent lucrative tax incentives offered by the Fijian Government to encourage companies, particularly family-owned companies to list.

“What we are witnessing is a testament to the effectiveness and appropriate application of tax incentives for the promotion of the Fijian stock market,” she said.

 

An opportune timing

SPSE chief executive, Latileta Qoro, said:  “It is exciting to have VIL, an iconic enterprise that have displayed a solid track record of profitability, join the Exchange’s official list.

“And in turn elevate the status and marketability of Fiji’s stock market.

“This listing, which sees the divestment of three million shares overtime by the founding shareholders to the general public, comes at an opportune time.

“As noted in our newspaper articles and presentations to potential listed companies, the availability of investable stocks to meet that excess demand for stock market investments remains subdued.

“The listing sees the injection of much needed liquidity into the market and investors that have been looking for shares with a competitive rate of return (tax free) will now have one such investment opportunity in VIL shares.”

Feedback:  rachnal@fijisun.com.fj

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