Port Denarau Marina Limited (PDML) is set to undergo a significant change in ownership as major shareholder Skeggs Group Limited has announced plans to sell its 43.02% stake in the company to Fijian Holdings Limited (FHL) and Fijian Holdings Unit Trust (FHUT). The sale, which comes under a conditional agreement, is subject to various approvals including those from the Fijian Competition and Consumer Commission and the South Pacific Stock Exchange.
In a statement released to the market, PDML’s board chairman Malakai Naiyaga assured shareholders that the transaction will not disrupt daily operations or impact the strategic direction of the marina. In fact, a representative of Skeggs will remain on PDML’s board following the sale, ensuring continuity through the transition period. The parties involved anticipate that all conditions will be met within the next six months.
The acquisition is poised to increase FHL’s stake in PDML from 27.5% to a controlling interest of 51% if finalized. This move follows FHL’s initial purchase of its stake last year and aligns with its strategic growth objectives within the marina and tourism industries.
FHL has been financially robust, recently declaring an interim dividend of $4.113 million, reflecting a strong performance across its diverse portfolio in tourism, retail, and finance sectors. This highlights the company’s resilience and capacity to generate returns even during challenging market conditions.
As the transaction progresses, PDML has committed to keeping the market informed of any significant developments, demonstrating transparency in its operational and governance practices. The anticipated change in shareholding may strengthen the partnership between FHL and PDML, fostering greater stability and growth opportunities in the future.
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