Security deposits will not be paid for shares: EFL
June 18, 2018 12:38 am
The security deposits held with the Energy Fiji Limited will not be used to pay for the non-voting shares on offer.
A parcel of one hundred and fifty free shares is being offered to all non-subsidized EFL domestic account holders while a parcel of two hundred and fifty free shares is being offered to all subsidized domestic customers.
Chief Executive, Hasmukh Patel says security deposit is held as a result of the provision under the Electricity Act.
Patel also says the shareholders won’t have to fork out any money from their pocket to pay EFL for the shares.
“Security deposit is a security deposit. And the security deposit is held by EFL against your account should you not pay for your account for some reason than we have some security to ensure that we can offset your debt against your account. Otherwise if you do not hold your security deposit than you know people could run away and we will end up with a huge debt.”
The registrations for shares closed last week however those who qualify can still apply.