Port Denarau tells plans, shares on sale
Future plans for Port Denarau Marina will include a threestorey 22-apartments expansion with a development cost of $31.7 million.
Port Denarau Marina Limited (PDML) also has a Marina Master Plan which will include a sailing club, marina, marina village, maritime school, boat yard, a rugby stadium seating 20,000 people, industrial and commercial zones and residential apartments/hotel.
Project
This project was to be constructed on re-claimed mangroves areas adjacent to the marina.
This was part of the presentation by Kontiki Stockbroking in their first public offering of shares in Port Denarau Marina held at the Tanoa Waterfront in Lautoka yesterday. The sale of shares is now open and provides investors the opportunity to own part of, one of the most dynamic players in Fiji tourism. Port Denarau Marina is scheduled to list on the South Pacific Stock Exchange (SPX) in mid-August, 2019.
In preparation for listing, at least 8 million shares at $1.31 per share were being offered to the public by Skeggs Group Ltd, currently the sole shareholder in PDML with the
Offer
The offer was being managed by Kontiki Capital Ltd, with Kontiki Stockbroking Ltd (KSB) acting as Lead Broker with the offer period open until 5pm on Tuesday 6 August, 2019.
Enviromental Impact Assessment
Port Denarau Marina is presently constructing its new state-of-the-art office facilities and was currently waiting the Environmental Impact Assessment (EIA) approval for further dredging at the marina that would allow major increase in its superyacht berthing facilities. Port Denarau Marina is presently owned by the Skeggs Group Limited after its purchase in 1999. Skeggs Group Chairman David Skeggs said in his message in the Prospectus information booklet that 54 percent of all tourists who come to Fiji pass through Port Denarau and this amounted to around 495,000 visitors.
“Port Denarau Marina has invested significant capital over the years to ensure the marina facilities are world class in their designs, ambience, efficiency and safety.” Mr Skeggs said.
He said being listed on SPX provided Port Denarau Marina with the opportunity to further align interests between the existing shareholder and strategic investors. He added it would also give Port Denarau Marina the flexibility to raise capital by issuing further shares to fund future expansion plans.
Shareholders
“We believe that incoming shareholders should derive confidence from the fact that Skeggs Group Limited, the founding shareholder, will remain committed to the business and continue to retain a significant stake in it for the foreseeable future,” Mr Skeggs said.
In preparation for listing, at least 8 million shares at $1.31 per share were being offered to the public by Skeggs Group Ltd. minimum investment set at $500.