Gaunavou Investments to list on South Pacific Stock Exchange
Propelled by its confidence in Fiji’s future, a local company has announced plans to list on the South Pacific Stock Exchange.
Gaunavou Investments Company Limited, a shareholders investment company, said it was well on its way to achieve full listing on the South Pacific Stock Exchange.
With over 500 shareholders and a long history since establishment in 1993, Gaunavou Investments has been undergoing a full makeover as is evident from the published annual audited accounts for the last few years.
“We are well on our way to achieve full listing on the South Pacific Stock Exchange in Suva,” the company said in its 2019 audited financial statements posted on its website, www.gaunavou.com
“The pursuit of an SPX listing will help strengthen corporate governance and shareholder relations, while providing liquidity of its shares,” company chairman, John Sanday said.
“Gaunavou Investments was looking at the SPX listing as part of its diversification into other asset classes as we remain confident of Fiji’s future.”
Properties
At its inception, GICL launched a share drive, where more than 500 indigenous individuals invested their savings into buying parcels of shares in the company.
The initial capital raised enabled the company to acquire its first property at 300 Rewa Street, known as Gaunavou House.
The double story building is occupied by BSP Bank’s Samabula branch on the ground floor, and BSP Life on one half of the first floor.
According to its published annual reports gleaned from its website, the company wants to build its real estate assets in the strategic economic corridors of the country.
Economic energy
To that end, it is focussing its economic energy in accumulating good commercial and industrial properties in the hot growth corridors of Suva/ Nausori, and Nadi/Lautoka.
Assets in these corridors are expected to provide shareholders with good solid capital gains and income growth that would serve as the bedrock of the company’s financial strength.