Major developments at SPX

Two major developments unfold this week at the South Pacific Stock Exchange.

A bell ringing ceremony will be held tomorrow to mark the listing of RB Patel Group Limited’s wholesale corporate bonds on the SPX over-the-counter market.

SPX chief executive officer, Sheraj Obeyesekere said the occasion represented an important milestone for Fiji’s capital markets.

“The bonds are the second corporate debt security to be listed on the exchange, reflecting the continued development of the corporate debt market in Fiji,” he said.

In 2022, Fijian Holdings Ltd issued Fiji’s first wholesale corporate bonds under new regulations.

Reserve Bank of Fiji Governor Ariff Ali, SPX chairman Nitin Gandhi and a representative of RB Patel are expected to deliver remarks at the 10am event on Wednesday.

Automotive company, Shreedhar Motors Limited, will also launch its initial public offering on the same day, as part of its intention to list on the securities exchange.

Shreedhar Motors history in Fiji dates back to 1965, from a distributor to Leyland buses and trucks, to the authorised distributor for Ford and Subaru.

Its net profit after tax reached $6.6 million in 2024.

The company will offer nine million fully paid ordinary shares at an issue price of $1 per share.

Trading is expected to commence in March.

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