Fijian Holdings Ltd (FHL), a prominent ITAUKEI investment conglomerate, has successfully acquired additional shares in Port Denarau Marina Ltd (PDML) for $32 million, which elevates their total ownership stake to over 70 percent. This monumental transaction, which was announced on the South Pacific Stock Exchange (SPX), marks a significant step for FHL, as it seeks to establish a commanding presence in Fiji’s maritime tourism sector.
The sale process initiated in June of last year reached completion last Friday, involving a special crossing of over 17.2 million shares at a price of $1.88 per share. This transfer saw ownership move from PDML’s original founder, Skeggs Group Ltd, to FHL, which acquired 9.4 million shares, and FHL Trustee Ltd, which obtained 7.808 million shares on behalf of the Fijian Holdings Unit Trust.
Prior to this sale, Skeggs Group held a 43.02 percent share in PDML, a business it established in 1999 and that became public on the SPX in 2019. With the conclusion of this transaction, Skeggs Group no longer retains any shares in PDML.
The acquisition has notably increased FHL’s stake in PDML from 27.5 percent to 51 percent and FHL Trustees Ltd’s share from 0.11 percent to 19.63 percent. This positions FHL as the largest shareholder in PDML, followed by FHL Trustees Ltd ATF Fijian Holdings Unit Trust with 19.52 percent, and BSP Life with 15.04 percent.
Port Denarau Marina, located on Denarau Island in Nadi, is an integral hub for maritime tourism and yachting in Fiji. It offers direct access to vital amenities, including a supermarket, pharmacy, and bakery. The marina is designed to accommodate vessels of various sizes and features a well-marked entrance channel with a depth of five meters, ensuring safe and reliable access for boats.
Among the marina’s highlights are 63 commercial berths, 62 fully serviced private berths, 16 swing moorings, and provisions for 27 superyacht berths that can accommodate vessels up to 115 meters in length. Additional facilities include dockside fuel, water, electricity (both single and three-phase), Wi-Fi, a travel lift capable of handling three tonnes, hardstand areas, and marine service workshops.
This acquisition signifies FHL’s commitment to strengthening its foothold in the Fijian tourism market and enhancing the overall experience offered at Port Denarau Marina, fostering growth and opportunity within this vital sector.