EFL Appoints Central Share Registry Ltd as Beneficiaries Trustee
Central Share Registry Limited (CSRL) is now the trustee of the free five per cent non-voting shares allocated for all Energy Fiji Limited (EFL) domestic electricity account holders.
Yesterday, EFL signed off on the Trust Deed with Central Share Registry Limited. CSRL has been appointed as the Trustee by the Fijian Government to provide trustee services on behalf of the beneficiaries of EFL. EFL chief executive officer Hasmukh Patel said: “These beneficiaries include all those domestic EFL electricity account holders who are Fiji citizens residing in Fiji and were entitled to subscribe for the free offer of shares earlier in 2018 but had not applied to accept the offer of EFL shares at that time.
“Additionally, these beneficiaries also include future eligible EFL domestic electricity account holders who satisfy the eligibility criteria as per the EFL share offer.”
CSRL chief executive officer, Krishika Narayan said: “The registry will become a one stop shop provider for EFL shareholders when it comes to any shareholding requirements as well as for any trustee requirement for the beneficiaries as well.
“This is a great achievement for CSRL which now has the opportunity to provide share registry services as well as the trustee services for a renowned company in Fiji.
“Being the subsidiary company of the frontline regulator of Fiji’s stock market, the services that CSRL provides to shareholders of our clients are founded on investor protection, engagement and accountability.
“And as such CSRL now taking up the opportunity to provide trustee services is indicative of our ever evolving institution, its business landscape and the continuance of maintaining scalability in our operations so that our clients are able to concentrate on their core businesses with the comfort that the needs of their shareholders are well looked after.”
The signing of the Trust Deed also gives CSRL an additional role as the custodian of the EFL beneficiaries to carry out activities which are necessary and appropriate to administer and maintain the Trust.
About the Share Certificates
On June 15, CSRL had signed up with EFL to provide share registry services for EFL shareholders and currently maintains and provides this service for the EFL shareholders.
Close to 36,000 Share Certificates have already been issued by CSRL as at Friday, November 30, which amounts to 1.39 per cent out of the five per cent.
Close to 40,000 applications were received during the initial registration period for Free Shares within EFL.
This indicates that all domestic EFL electricity account holders can now contact the CSRL office for all shareholder as well as beneficiary related queries.
Becoming a shareholder in EFL is a big financial opportunity.
The estimated notional value of each share is approximately $1.40 per share.
Mr Patel also reiterated that there are consumers who use the electricity sold by EFL and pay for their bills, but the accounts are registered under someone else’s name, i.e. the landlords as they are tenants.
He stated these consumers should transfer the domestic EFL account under their name as this will allow them to benefit from it.
About the Corporatisation
The Fiji Electricity Authority (FEA) was Corporatised from a Commercial Statutory Authority to a Limited Liability Company on Monday, April 16, 2018 and is now known as Energy Fiji Limited (EFL).
EFL is now a limited liability company with 100 per cent ownership by the Fijian Government. Out of the 100 per cent, the Fijian Government had allocated five per cent non-voting shares for all EFL domestic electricity account holders who are Fiji citizens residing in Fiji CSRL is a wholly owned subsidiary of South Pacific Stock Exchange (SPSE) and is the first securities registry services provider to be established in Fiji.