Fijian Holdings Ltd (FHL), a leading ITAUKEI investment company, has successfully completed the acquisition of additional shares in Port Denarau Marina Ltd (PDML) for $32 million, increasing its ownership stake to over 70 percent. This significant development, announced on the South Pacific Stock Exchange (SPX), underscores FHL’s ambition to solidify its position within Fiji’s maritime tourism sector.
The transaction, which commenced in June of last year, concluded last Friday with a special crossing of more than 17.2 million shares at a price of $1.88 each. The sale involved a transfer of ownership from PDML’s original founder, Skeggs Group Ltd, to FHL, which purchased 9.4 million shares, alongside FHL Trustee Ltd, acquiring 7.808 million shares on behalf of the Fijian Holdings Unit Trust.
Previously, Skeggs Group held a 43.02 percent stake in PDML, a company it founded in 1999 and that went public on the SPX in 2019. Following this latest acquisition, Skeggs Group no longer holds any shares in PDML.
With this latest transaction, FHL’s stake in PDML has risen from 27.5 percent to 51 percent, while the stake held by FHL Trustees Ltd increased from 0.11 percent to 19.63 percent, positioning FHL as the largest shareholder. Other notable shareholders include FHL Trustees Ltd, with a 19.52 percent share, and BSP Life, holding 15.04 percent.
Port Denarau Marina, situated on Denarau Island in Nadi, is a pivotal entity within Fiji’s maritime tourism landscape, providing essential access to key amenities like supermarkets, pharmacies, and bakeries. The marina is engineered to accommodate a variety of vessels, featuring a well-marked entrance channel with a depth of five meters, ensuring safe navigation for boats.
The marina boasts 63 commercial berths, 62 fully serviced private berths, 16 swing moorings, and facilities for 27 superyacht berths that can support vessels up to 115 meters in length. Additional amenities include dockside fuel, electricity in both single and three-phase formats, Wi-Fi, a travel lift with a three-ton capacity, hardstand areas, and marine service workshops.
This acquisition reflects FHL’s dedication to reinforcing its presence in Fiji’s tourism industry and improving the overall services at Port Denarau Marina, thereby fostering growth and opportunities within this essential sector. The move is expected to not only enhance the tourism experience in Fiji but also contribute positively to the economy, paving the way for further investments and developments in the region.