More than 36,000 En­ergy Fiji cus­tomers ac­quired $7.1m non-voting shares: A-G

Fiji Sun - - Parliament News - SELITA BOLANAVANU­A Edited by Car­o­line Ratu­cadra Feed­back: selita.bolanavanu­[email protected]­

To date 36,764 En­ergy Fiji Lim­ited cus­tomers have ac­quired $7.1 mil­lion non-voting shares and a bal­ance of $17m shares are held in trust by the Cen­tral Share Reg­istry Lim­ited.

This was high­lighted by the At­tor­ney-Gen­eral Aiyaz Sayed-Khaiyum dur­ing his min­is­te­rial state­ment in Par­lia­ment yes­ter­day.

There­fore, Fi­jians can still ac­quire non­vot­ing shares.

There are a to­tal $500m shares in EFL, $475m or­di­nary shares or 95 per cent of the com­pany and $25m non-voting shares or five per cent of the com­pany.

Mr Sayed-Khaiyum said the gov­ern­ment had of­fered non-voting shares for free to do­mes­tic ac­count hold­ers of EFL who are Fi­jian cit­i­zens and who are re­sid­ing in Fiji. These do­mes­tic cus­tomers who re­ceive a sub­sidy un­der the Elec­tric­ity Sub­sidy Scheme will be of­fered a par­cel of 250

shares, while non-sub­sidised cus­tomers will be of­fered one par­cel of 150 shares. He also high­lighted the chal­lenges faced by EFL in its divestment process.

He said the divestment process was not a sim­ple one as sev­eral im­por­tant reg­u­lar­ity changes needed to be made and other con­sid­er­a­tions needed to be taken into ac­count in pre­par­ing the busi­ness for the divestment.

“Given the time taken to di­vest EFL, we can cer­tainly say that this was not a des­per­ate move to raise funds by the gov­ern­ment as claimed by many and re­ported in the The Fiji Times.

“We took our time in scop­ing the mar­ket and care­fully se­lect­ing the right in­vestor. If it was a rushed sale or des­per­ate move, the divestment of EFL would have ac­tu­ally been con­cluded way back in 2016 or even last year or the year be­fore that.”

Photo: Ron­ald Ku­mar

As­sis­tant Min­is­ter for In­fra­struc­ture, Trans­port, Disas­ter Man­age­ment and Me­te­o­ro­log­i­cal Ser­vices Vi­jay Nath (front left), and Min­is­ter for Agri­cul­ture, Ru­ral and Mar­itime De­vel­op­ment, Water­ways and En­vi­ron­ment Ma­hen­dra Reddy out­side Par­lia­ment on Septem­ber 4, 2019. Back from left is As­sis­tant Min­is­ter for Agri­cul­ture and Mar­itime De­vel­op­ment Jale Si­garara and Min­is­ter for Lands and Min­eral Re­sources Ash­neel Sud­hakar.

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