New World Ltd becomes and Associate Company of FHL
July 11, 2018 9:14 pm
New World Limited has become an associate company of Fijian Holdings Limited following the recent portfolio restructuring within the group.
FHL acquired 15.44 percent of New World Limited in early 2000 while a further 4.84 percent was acquired and placed at Fijian Holdings Unit Trust.
With the consent of all stakeholders and clearance from Fijian Competition and Consumer Commission, 4.84 percent stake was transferred to FHL last month.
With this change, NWL officially becomes an associated company of FHL.
New World Limited has been performing well over the years covering the major towns and cities with its retail outlets and IGA supermarkets.
FHL will continue to be the third largest shareholder of NWL and will now account for associate company profits in the group consolidate financials.