$1.9m payout
MORE than 800 staff members of Energy Fiji Ltd will receive a bonus payout tomorrow and on Monday.
Attorney-General and Minister for Economy, Civil Service and Communications Aiyaz Sayed-Khaiyum said the performance payout was $1.9 million, out of which more than 70 per cent would go to the salary and wage earners which was about $1.4m.
He said this year had been a momentous year for EFL as last year the company had a name change while in 2019 they got a new shareholder.
“So government now is not the only shareholder in EFL and all of you in fact have become shareholders again for a second time,” he said.
“The way that it works is of course every single person that owns an electricity domestic account is a shareholder now.
“Those who earn less than $30,000 a year get 250 shares and those who earn more than $30,000 a year get 150 shares.”
He said people would soon be able to trade on those shares once it got listed on the stock exchange and the reason they had become a shareholder for a second time was because the Fiji National Provident Fund was a shareholder too.
“The final works will be done on Friday where all the transaction ceremony should take place, they will give us a check and we will give them the shares.
“They have also now become the shareholders of 20 per cent in EFL and all of you are members of FNPF so you have become shareholders also.”
He said FNPF would have a representation on the board as they would get to have one member to sit on the board and represent them as shareholders.
He said the position in which EFL was at the moment was quite a significant milestone as it set a direction for the company.
The government also had an overall objective of ensuring the country depended on renewable energy.
“A lot more investment needs to be made in the space of renewable energy. The long-term of course is when you have a greater independency and renewable energy, as long as it’s a regular and dependable supply of renewable energy then it reduces the overall cost and you are able to make a lot more margin and you got more profit.”