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80% of all shares in Fiji Ports to remain Fijian owned

November 5, 2015 5:51 pm

The government has announced the first divestment of 59% of its shares in Fiji Ports Corporation Limited to the Consortium of FNPF and Sri Lankan company-Aitken Spence for over $100m.

Permanent Secretary for Trade Shaheen Ali says that following the sale, the government will keep 41% shares in Fiji ports while FNPF will own 39% and Aitkens Spence comes in with 20% of the shares.

This means that 80 per cent of all shares in FPCL will remain Fijian owned.

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“Under the agreements that will be signed today, the government will receive over $100m Fijian for 59% of its shares in Fiji Ports, this will comprise of $FJ99,112,330 from the consortium and on top of this, 3.3m will come from the proceeds of the lands that has to be sold to FRA for the realignment of the road bridge at Stinson parade in Suva and $FJ2.38m from the repayment of an inter company loan from the Fiji Ports Terminal Ltd, the proceeds from that loan will come directly to government also.”

Prime Minister Voreqe Bainimarama says the transaction is a great step forward in the Government’s asset sale divestments.

The agreement signifies government’s first major sale in the divestment program for state owned assets.

Ali says this also meets the government’s objective to secure long term partnership with reputable investors in Fiji ports.

The government will maintain ownership of all real estate currently held by Fiji Ports Corporation Limited.

As part of the agreement, Fiji Ports will transfer all real estate to government holding company which will in turn lease the assets necessary for ports operation back to Fiji ports.

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