Company prepares for total acquisition
COCA COLA Amatil (Fiji) Pte Ltd has begun the process of compulsory acquisition of Paradise Beverages (Fiji) Ltd (PBF) and will delist the company from the South Pacific Stock Exchange once the transaction is concluded.
This is after it reached a 90.14 per cent stake in PBF following the acquisition of 57,323 shares worth $1,445,112.83 from Platinum Insurance Ltd.
Coca-Cola Amatil (Fiji) Pte Ltd company secretary Graham Rose has written to the SPX yesterday, outlining the next course of action towards compulsory acquisition.
“Following this acquisition, CCEP Fiji now holds a relevant interest in 90.14 per cent of PBF’s shares and can, in accordance with section 263 of the Companies Act 2015 (Companies Act), proceed with the compulsory acquisition of the remaining shares that it does not hold to increase its ownership to 100 per cent,” said Mr Rose.
“As required by section 265 of the Companies Act, the compulsory acquisition will be for the same cash price as that offered to PIL, being FJ$25.21 per PBF share.
“Following completion of the compulsory acquisition process, PBF will be a wholly-owned subsidiary of CCEP Fiji and will be delisted from the SPX.
“Following PBF becoming a wholly-owned subsidiary, CCEP Fiji’s focus will remain on supporting its people, customers and businesses in Fiji and Samoa, particularly as the Fijian community emerges from the challenges of COVID-19.
“As CCEP Fiji works through the current challenges of COVID-19 in 2021, it does not propose to make any material structural or people changes as a result of its further investment in PBF.”
SPX yesterday placed a suspension in trading of PBF shares.
“As per requirements, licensed stockbroker representatives will not be able to execute any PBF orders on the Electronic Trading Platform (ETP) and all existing orders has been withdrawn to allow for the compulsory acquisition process,” said acting chief executive officer Pretesh Prasad.
Paradise Beverages manufactures Fiji Bitter, Fiji Gold, Vonu beer, Tribe, Bounty Rum, Regal Whiskey, Regal Gin, Vodka and Vailima in Samoa.