An upcoming Extra-Ordinary General Meeting (EGM) set for December 5, 2025, will see shareholders of Port Denarau Marina Ltd (PDML) vote on the proposed acquisition by Fijian Holdings Ltd (FHL) to gain controlling stakes in the company. FHL, which is an itaukei-owned investment conglomerate primarily involved in the tourism sector, announced a Share Sale Agreement in June with Skeggs Group Limited, which is currently holding 23.5% of PDML’s shares.
The transaction will not merely transfer shares but aims to increase FHL’s stake in PDML from 27.5% to a dominant 51%. In addition, FHL Trustees Limited will acquire 19.52% of the shares, boosting their ownership from a mere 0.11% to 19.63%. This move is seen as a strategic transition towards local ownership of essential tourism infrastructure, anticipated to bolster the economy by ensuring that dividends are paid locally, thus positively impacting foreign reserves and indigenous participation in the economy.
The EGM announcement outlined multiple benefits to shareholders, emphasizing public benefit, strategic alignment, and support for growth stemming from this potential acquisition. FHL has expressed plans to leverage its extensive network and resources to identify new opportunities for PDML while ensuring that employment levels and the operational integrity of the marina remain intact throughout the transition.
FHL initially purchased its initial stake in PDML in March 2024 for $1.77 per share, and the firm is currently navigating the requirements for obtaining regulatory approvals necessary for the finalization of this acquisition. The current trading price of PDML shares stands at $2.25, reflecting investor interest as they approach this pivotal decision.
Additionally, the similar articles highlight how FHL has shown financial robustness, reporting an interim dividend of $4.113 million and expressing optimism about its ongoing performance across various sectors including tourism and retail. This transaction is regarded not only as a crucial step for FHL’s growth strategy but also as a way to ensure enhanced stability and development for PDML in the future. Such movements within Fiji’s economic landscape emphasize a broader trend towards fostering local ownership and participation in key industries, promoting a sustainable economic environment for all stakeholders involved.
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