Fijian Holdings Limited (FHL) is on the verge of increasing its stake in Port Denarau Marina Limited (PDML) to become the largest shareholder. The company has announced a share sale agreement with Skeggs Group Limited for the acquisition of 23.5% of Skeggs’ holdings in PDML, which would boost FHL’s ownership from 27.5% to 51% if the deal concludes successfully.
This potential acquisition is particularly significant for FHL as it aligns with the company’s strategic investment objectives. The original 27.5% shareholding in PDML was secured by FHL in March 2024. Completion of the transaction will depend on various regulatory approvals, including consents from the Fijian Competition and Consumer Commission, the South Pacific Stock Exchange, and shareholder approval from PDML, along with adherence to the conditions outlined in the Companies Act 2015.
FHL has assured that PDML will maintain its business operations and workforce unchanged during and after the acquisition process. A Skeggs Group representative is expected to hold a position on the PDML Board to aid in a smooth transition post-acquisition, contingent upon final approvals.
In addition to this acquisition, FHL has recently declared an interim dividend of $4.113 million, which reflects the company’s strong performance in the first quarter of the fiscal year. Chairman Rokoseru Nabalarua expressed optimism regarding the continued financial strength across its business sectors, including tourism, retail, and finance.
Overall, this move by FHL not only highlights its aggressive growth strategy but also showcases its commitment to enhancing the operational capability of PDML, potentially leading to greater stability and profitability for both companies moving forward. Further updates on this acquisition will be communicated as developments unfold.
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