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Alternative Investment Market Board (AIM)

10/10/2009
 
Background
 
The South Pacific Stock Exchange (SPSE) currently has only one trading board which is the Official Market. This is reserved to companies that meet the criteria described in the SPSE Listing Rules regarding the financial requirements, shareholders spread, and financial reporting. The current listing rules are not flexible enough for the Small and Medium-sized enterprises (SMEs) and as such SMEs fail to gain access to the public equity markets.  
 
With the various means of increasing investment opportunities within the local capital markets such as broadening the range of financial instruments that might be offered, we tend to overlook the potential that lies in the SMEs. SMEs play a vital role in the development process of any economy and constitute a significant portion of the Fiji economy. However, they are often locked out of the capital market because of the stringent conditions and high costs of making public offerings or enlisting itself on the stock exchange.
 
The SPSE is an integral element in Fiji’s capital market. The capital market is intended not only to provide investment opportunities, but more importantly to provide for domestic economic growth in Fiji. Consequently, SPSE in collaboration with Capital Market Development Authority (CMDA) and National Centre for Small & Micro-Enterprises Development (NCSMED) is in the process of developing an Alternative Investment Market board (AIM) for enterprises that are in growth phase in order to provide incentives and assistance to the capital growth of domestic enterprises in Fiji.
 
Consultation Paper on AIM
 
The Consultation Paper on AIM is attached. Your comments on this paper will be much appreciated. This paper explains the need for an alternative investment market for enterprises that are in growth phase. It also highlights the requirements for listing on the AIM board as well as the continuing listing requirements once the enterprise is listed on the AIM board. Specific questions have been asked to get your feedback on some of the key issues.
 
 
Implementation
 
The SPSE intends to initiate the alternative investment market at the beginning of next year. Implementation of the alternative investment market will be subject to the finalization of the AIM Listing Rules by the SPSE Board and Capital Markets Development Authority.
 
Stakeholders including potential listings for AIM, brokers and investment advisors are encouraged to give their comments before the due date. Note that a workshop will be held in September 2009 to assist all stakeholders to better understand and rationalise the Alternative Investment Market.
 
 
Market Statistics

 

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