Port Denarau Marina Limited (PDML) has received conditional authorization from the Fijian Competition and Consumer Commission (FCCC) regarding the proposed acquisition of its shares by Fijian Holdings Limited (FHL) and FHL Trustees Limited, representing the Fijian Holdings Unit Trust (FHUT). This acquisition involves purchasing shares from Skeggs Group Limited and is contingent on various regulatory and shareholder approvals.
In an announcement made to the South Pacific Stock Exchange, PDML indicated that the FCCC’s approval hinges on FHL and PDML submitting a formal undertaking to the Commission, aimed at mitigating potential competition issues. This commitment will take effect only after the successful completion of the transaction and its acceptance by the FCCC, ensuring that the marina will operate independently and retain neutrality in its daily business decisions.
The completion of the share acquisition is still pending several key conditions, including the need for approval from PDML shareholders in accordance with Part 22 of the Companies Act 2015, as well as nods from the relevant stock exchange and fulfillment of other terms outlined in the sale agreement. Shareholder approval is anticipated to be sought in a general meeting scheduled for 13 January 2026.
Furthermore, approval from the South Pacific Stock Exchange will be necessary during the execution of the transaction on the market through a negotiated agreement. PDML reassured its investors and stakeholders that operations will proceed as usual throughout the approval process. The company emphasized that the proposed change in major shareholding is not expected to influence its routine operations or strategic direction.
PDML committed to keeping the market updated on any significant developments relating to the transaction, in accordance with its responsibilities as a listed entity on the South Pacific Stock Exchange. This positive step signifies potential growth and stability for PDML as it navigates through the acquisition process.
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