Shareholders of Port Denarau Marina Ltd (PDML) have agreed to sell a majority stake of the company to Fijian Holdings Ltd (FHL) and associated interests. This decision was finalized during an Extraordinary General Meeting (EGM) held on Tuesday, in accordance with the Companies Act 2015.
FHL, a company owned by the iTaukei with investments in the tourism sector, announced its intention to acquire a 23.5 percent shareholding from Skeggs Group Limited back in June last year by signing a Share Sale Agreement. Skeggs Group, characterized as a private family business from New Zealand, was established by Sir Clifford Skeggs in 1952 and holds historical ties to the founding family of the marina.
Both FHL and PDML are listed entities on the South Pacific Stock Exchange (SPX). The initial public listing of PDML in 2019 was aimed at assisting the Skeggs family in its gradual exit from the business.
This acquisition builds upon FHL’s earlier purchase in March 2024, where it secured 11 million ordinary shares, translating to 27.5 percent ownership of PDML, from Skeggs Group at a price of $1.77 per share. Recently, the Fijian Competition and Consumer Commission (FCCC) granted conditional authorization for this takeover, followed by the recent approval from shareholders.
The transaction will result in FHL’s ownership interest in PDML rising from 27.5 percent to 51 percent, with FHL Trustees Limited boosting its share from 0.11 percent to approximately 19.63 percent.
The final step of this acquisition process requires approval from the South Pacific Stock Exchange. PDML has reassured stakeholders that operations will proceed as usual during the transaction period and noted that the shift in major shareholding is not anticipated to disrupt day-to-day functions or the strategic direction of the company. This commitment reflects stability amidst the ownership transition, paving the way for potential growth opportunities for both PDML and FHL.
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