$19.4m deal

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DIONISIA TABUREGUCI Deputy Business Editor: TIMOCI VULA

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ITAUKEI investment conglomerate Fijian Holdings Ltd (FHL) has bought 27.5 per cent of Port Denarau Marina (PDM) for $19.47million, further increasing its exposure to the tourism sector.

The deal was announced at the South Pacific Stock Exchange where the two companies are listed.

FHL chair Sakiusa Raivoce said the investment “is strategically aligned with FHL’s current investment portfolio and growth into the future”.

“Given the growing demand for hotel rooms in the country and ongoing tourismrelated projects, especially in and around Nadi, having an equity stake in the heart of Fiji’s tourism hub, Port Denarau, is a positive step in the right direction for FHL,” Mr Raivoce stated.

“With ongoing and upcoming developments in the Yasawas and Mamanucas, FHL sees Port Denarau as the gateway to these islands and is a critical infrastructure in this growth segment.”

PDM in its announcement said the acquisition was made via a special crossing of 11 million ordinary shares held by PDM’s major shareholder Skeggs Group Ltd to FHL at a price of $1.77 a share.

This puts the value of the deal at $19.47m.

“With this transaction, Skeggs Group Ltd, which is still the majority shareholder, now holds 43.02 per cent of PDML’s equity while FHL, a new shareholder, holds 27.5 per cent.”

PDM shares are currently trading at $2.05 a share while FHL shares last traded at 96 cents a share on SPX.

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