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International firm likely to secure 44% shares in EFL

March 4, 2021 6:00 am
Energy Fiji Ltd is in advanced negotiations to sell 44% shares to an international firm.

Energy Fiji Ltd is in advanced negotiations to sell 44% shares to an international firm.

Minister for Economy, Aiyaz Sayed-Khaiyum, has confirmed EFL is on the verge of confirming the deal with an announcement to be made shortly.

“At this point in time we are in very deep and almost conclusive negotiations with a partner that is very much keen to participate in the divestment process. The government, of course, as we’ve said will own 51% of EFL”

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Speaking to FBC News from Singapore, Sayed-Khaiyum says the investor has a proven track record in the energy sector and will bring renewable energy capabilities as part of the deal.

“We are very excited about this one particular company that brings a lot of international savvy, international expertise and they have the ability to attract international capital to this particular divestment process and should they cross the line and we have this divestment in place then we think that EFL will be very much complimented by this new partnership.”

He adds the buyer will also bring new skills and technology, with specific focus on renewable energy to reach net-zero emissions by 2050 and achieve Fiji’s carbon reduction targets in the next nine years.

Sayed-Khaiyum adds the partial divestment of shares will not result in any tariff increases for EFL customers.

“If they want to increase the fee they have to go through the FCCC process. That’s when members of the public can make submissions, the organisation can open up their books, how much profit they are making, what are their capital requirements, what sort of infrastructure they need to put in place et cetera. It’s always an independent process, Just because it’s a divestment of the shares does not in any way mean electricity rates will be affected.”

The minister revealed that the Fiji National Provident Fund, which has shares in EFL, also has the option to sell its shares, if an attractive offer is made.

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