Port Denarau Marina, first tourism venture to list shares on SPX
August 14, 2019 12:35 pm
Port Denarau Marina Limited has today become the first tourism venture and 21st company to be listed on the South Pacific Stock Exchange.
The total market capitalization for SPX with the marina included now stands at around $3.64 billion.
SPX Board Chair Dr. Nur Bano Ali says it’s an exciting phase for the exchange which continues to diversify now representing 11 sectors of the Fijian economy.
It also means that for the first time, Port Denarau Marina will have local ownership with 601 shareholders investing in the initial offering.
“$14.9 million through its initial Public Offering that closed on the 6th of August and today the company will be listing a total of $40 million ordinary shares at an initial price of $1.31.”
PDM’s Managing Director Nigel Skeggs says it’s taken a year to get the public listing off the ground which is yet another milestone achievement for the Marina which will celebrate its 20th anniversary in September.
“We’ve grown from a very small marina with three staff to a marina that now employs over 30 people, within the marina there are over 1500 people employed. We have 60 percent of all tourists that come to Fiji come through the marina, so it’s very much a focal point of tourism, particularly nautical tourism and during the same time, we’ve been working hard to increase the industry and visiting boats and superyachts that come to Fiji.”
According to Dr. Ali, the newest acquisition increases the value of the stock exchange’s market capitalization to just above 37 percent of Fiji’s GDP.