More State-Owned Enterprises to Join SPX

State-owned enterprises and more private sector companies are expected to be listed on the South Pacific Stock Exchange this year.

And listing does not equate to privatisation, says executive director Gaynesh Rueben.

While Government policies and plans would determine the timing of State-owned enterprise listings, there was a need for increased awareness that listing did not equate to privatisation, he said.

“Our platform will persist in offering investment access, capital-raising opportunities and wealth creation through dependable, secure, regulated and advanced trading platforms,” the exchange said.

“Our focus remains 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.

“The SPX is dedicated to promoting good governance, transparency, accountability and compliance as we advance the exchange.”

Mr Rueben said, “It presents an opportunity for state-owned enterprises to secure market-based funding for business expansion and growth.

“Listing enhances transparency and aligns with industry best practices.

“Our ongoing efforts aim to bolster market confidence and encourage greater investor engagement.”

Energy Fiji Limited is a trustee limited on the exchange.

Energy Fiji Limited is a statutory monopoly, like Water Authority of Fiji, and national carrier Fiji Airways. Statutory monopolies are not subject to market competition or market discipline.

According to SPX, Energy Fiji Limited intends to be admitted to the official list of the stock exchange.

“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, in the same way that other shares quoted on the SPX are sold.

South Pacific Stock Exchange made significant strides to facilitate increased involvement from local, institutional, retail and foreign investors, Mr Rueben said.

“We will continue to advance these efforts through our awareness and investor education initiatives,” he said.

Meanwhile, SPX will take an impartial stand for necessary sanctions and enforcement actions, to prioritise orderly trading in the best interest of the market, the exchange said.

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