Shareholders of Port Denarau Marina Ltd (PDML) have given their approval for the sale of the majority of the company’s shares to Fijian Holdings Ltd (FHL) and associated interests. This decision was confirmed in a statement filed with the South Pacific Stock Exchange (SPX) following an Extraordinary General Meeting (EGM) held on Tuesday, which met the stipulations set out in the Companies Act 2015.
FHL, an itaukei-owned investment conglomerate active in the tourism sector, had previously announced in June of the last year that it had entered into a Share Sale Agreement with Skeggs Group Limited for the potential acquisition of Skeggs’ 23.5 percent stake in PDML. The Skeggs Group, a private family company from New Zealand, was founded by the late Sir Clifford Skeggs in 1952 and has been associated with PDML as part of its founding family.
Currently, both FHL and PDML are publicly traded on the South Pacific Stock Exchange. Skeggs Group’s listing of PDML in 2019 was part of a broader strategy to facilitate the family’s gradual exit from the business. FHL’s initial investment in PDML occurred in March 2024 when it purchased 11 million ordinary shares (representing 27.5 percent) from Skeggs at a price of $1.77 per share, facilitated through a special crossing on the SPX. Earlier this week, the Fijian Competition and Consumer Commission (FCCC) granted conditional authorization for FHL’s takeover bid.
The upcoming acquisition will see FHL acquire all of Skeggs Group’s remaining shares, with 23.5 percent going to FHL and 19.52 percent to FHL Trustees Limited (FHLTL) on behalf of the Fijian Holdings Unit Trust (FHUT). This transaction will increase FHL’s stake in PDML from 27.5 percent to 51 percent, while FHL Trustees Limited’s ownership will rise from 0.11 percent to 19.63 percent. The acquisition is now pending approval from the SPX.
According to PDML, the South Pacific Stock Exchange’s approval will be sought during the transaction’s implementation phase through a negotiated deal. The company reassured stakeholders that its operations will proceed as normal during this transition period, and the impending changes in major shareholding are not anticipated to disrupt day-to-day operations or alter PDML’s strategic direction.
This development marks a significant step for PDML and highlights the growing interest and investment in the tourism sector within Fiji, ultimately paving the way for continued growth in this vibrant industry.