The United States is contributing US$2 million (FJ$4.07 million) to the Pacific Financial Technical Assistance Center (PFTAC). First established in 1993 to promote macro-financial stability in the Pacific island countries through technical assistance and training, PFTAC was the first of the International Monetary Fund regional technical assistance centers. The goal of PFTAC is to strengthen the institutional capacity of Pacific countries to design and implement sound macroeconomic and financial policies.
Port Denarau Marina is a finalist in the Best Superyacht Marina Australasia category of the ACREW Superyacht Business Awards 2020. The nomination is based on captain and crew experiences for the last season. The Best Superyacht Marina Award recognises the marina for providing the best standard of services and facilities to Superyacht Captains & Crew. The marina is also praised for their willingness to assist Superyacht guests; ensuring a comfortable and enjoyable stay. Voting is now open for ACREW’s some 15,000 members.
BSP Convertible Notes Limited (BCN) has reported a profit after income tax of F$2,606,665.00 for the year ended 31 December 2020. BCN was incorporated in April 2010 to facilitate the issuance of convertible notes to Fiji investors. The holders of the Fiji class shares receive dividends equivalent to the dividends that will be paid on BSP ordinary shares listed on Port Moresby Stock Exchange, expressed in Fiji Dollars.
Work will soon commence on Lautoka Yard 3, an extension to busy Lautoka Wharf following a groundbreaking ceremony yesterday. Fiji Ports Chair Shaheen Ali told officials at the ceremony that the pandemic saw a reduction of Fiji’s re-exports in 2020, by 38%, as well as reduced imports by 34% compared to the same period in 2019. The silver lining is, our balance of trade deficit has narrowed by 44%.
“The 8.2-million-dollar investment in this container yard (Yard 3) could not be timelier. It will increase the ability of Lautoka Port to store up to approximately 1,260 containers in this new facility. Lautoka Port capacity is approximately 40,000 TEUs (twenty-foot equivalent unit). This will therefore significantly boost our ability and ambition to trade and be the transshipment hub in the Pacific.”
China Railway First Group won the contract for this work.
Fiji's superyacht marina, Port Denarau Marina Ltd (PDM) today listed its shares on the Suva-based South Pacific Stock Exchange (SPX) following an oversubscribed Initial Public Offer (IPO) that saw it sell down over 11 million shares, three million more than its initial intention of 8 million.
This has brought 600 new shareholders to the company after Day One of trading.
Data released by SPX today saw a total of 11,640,943 PDM shares with a total value of F$14.95 million changing hands.
That included a special trade of six million shares facilitated at a discounted price of F$1.26 per share and brokers confirmed this was from an institutional investor.
PDM shares opened at its IPO price of F$1.31 and gained 9 cents to end the day at F$1.40 per share.
Griffon Emose, managing director of Kontiki Capital Ltd, parent company of lead broker Kontiki Stockbroking, described the take up as "really good", helped in a big way by the company's already established reputation.
"Just to be clear, this wasn't a capital raising exercise. It was actually a sell down of shares. PDM before this only had one shareholder, from New Zealand, but in order to list on SPX, you have to meet certain criteria. One criteria is you have to have at least 20 per cent of your shares held by the public and you have to have a minimum of 50 shareholders. PDM didn't need the funds as the company is already well funded. So they had to sell down the shares in order to meet the criteria of listing on SPX," Emose said.
He said while most buyers – about 95 percent – were from Fiji, overseas investors also came on board, from New Zealand, Papua New Guinea and the United States of America.
"The minimum was for F$500 worth of shares and we had some that came in with several millions of dollars. Some institutional investors also came in." Emose said.
He said SPX's ability to directly approve foreign investors to buy and sell shares on the stock exchange has made it easier for foreign investors to participate in Fiji's share market.
"SPX is open to everybody and the good thing is the government has delegated to the stock exchange the ability to allow foreign investors to come into the market. Normally, foreign investors would need to obtain foreign investors approval, so that has been delegated to SPX but only for trading in listed companies," said Emose.
PDM director Nigel Skeggs described the day as a special one for the company, which has been in his family for 20 years and under his stewardship since 2006.
"There were several reasons for us choosing to be on the stock exchange but the primary one is that the marina being such an important tourism infrastructure for Fiji, we felt that after 20 years of us developing it, we needed to look at some Fiji ownership. So we really want the public of Fiji to get involved, it was a way of giving back to Fiji and we had a lot of support. And of course, obviously there are the incentives that come with listing on the stock exchange, in particular the 10 percent company tax," Skeggs told IB Online.
PDM is now the first tourism related company to list on SPX and there are hopes that this would be followed by more listings from the sector.
Note: this story was updated at 8.36pm Fiji time.
There has been an overwhelming response to the Initial Public Offering (IPO) of Port Denarau Marina Ltd currently open in Fiji.
The IPO, which closes on Tuesday, sees 20 percent of the company, an equivalent of 8 million shares, being offered to the Fijian public at F$1.31 per share.
"There has been overwhelming response. This public offer comes one year after the last listing which was Kontiki Finance Ltd," South Pacific Stock Exchange (SPX ) CEO Krishika Narayan told IB Online.
"What's different in this public offering is that we've seen a lot of advertising go through social media and actually people getting to know about the stock market and they've been enquiring, if you just look at how people have been reacting in the social media to this. So it's somewhat different to the other public offerings and the traditional forms of using the media to come to the stock market. So in that sense, we've seen a generally overwhelming response from the public," Narayan added.
Port Denarau Marina Ltd will be the 21st company to list on the SPX, but the first from the tourism sector.
"A lot depends on the success of this particular listing and how we go forward in terms of having other tourism based listings," Narayan said.
Some incentives of listing on SPX include a reduced corporate tax rate of 10 percent for listed companies, tax-free dividends for shareholders, and other tax free benefits.
If fully subscribed, the Port Denarau Marina Ltd (PDML) IPO will raise F$10.48 million.
PDML plans to use the funds to help finance future expansion plans and current developments including a new Marina reception, amenities and office block, and expansion of the superyacht marina, which is due for completion later this year.