Fijian Holdings Ltd (FHL), alongside associated interests, has acquired additional shares in Port Denarau Marina Ltd (PDML) for $32 million, elevating their total ownership stake in the company to over 70 percent. This sale process commenced in June of last year and concluded recently with a significant transaction of 17.2 million shares, priced at $1.88 per share on the South Pacific Stock Exchange (SPX). The ownership has shifted from PDML’s founder, Skeggs Group Ltd, to FHL, with FHL acquiring 9.4 million shares and FHL Trustee Ltd obtaining 7.8 million shares on behalf of the Fijian Holdings Unit Trust.
The shares purchased represented Skeggs Group’s remaining 43.02 percent stake in PDML, a company established by the Skeggs family in 1999 and listed on the SPX in 2019. Following this transaction, Skeggs Group Ltd no longer holds any shares in PDML, marking a significant transition for the founding family’s interests in the marina business.
As a result of this acquisition, FHL’s ownership in PDML has risen from 27.5 percent to a controlling 51 percent, while FHL Trustees Ltd’s share has increased from just 0.11 percent to 19.63 percent. This strategic move positions FHL as the leading shareholder in PDML, followed by FHL Trustees Ltd ATF Fijian Holdings Unit Trust at 19.52 percent and BSP Life at 15.04 percent.
Port Denarau Marina, located on Denarau Island in Nadi, is a vital hub for maritime tourism in Fiji. The marina provides direct access to necessary amenities such as a supermarket, pharmacy, and bakery. It is designed to accommodate vessels of all sizes, featuring a well-marked entrance channel with a depth of five meters, ensuring safe access for all boats.
The marina is well-equipped, offering 63 commercial and 62 fully serviced private berths, along with 16 swing moorings and 27 superyacht berths designed for vessels up to 115 meters. Additionally, it provides dockside services including fuel, water, power connections, and Wi-Fi, as well as a 3-tonne travel lift, hardstand area, and marine service workshops.
This transaction signifies a renewed phase for FHL as it enhances its footprint in the maritime sector, likely fostering further growth and development opportunities at the vital Port Denarau Marina.
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