Shareholders of Port Denarau Marina Ltd (PDML) have approved the sale of the majority of the company’s shares to Fijian Holdings Ltd (FHL) and its associated interests. This decision was officially recorded in a statement submitted to the South Pacific Stock Exchange (SPX) after an Extraordinary General Meeting (EGM) that took place on Tuesday, adhering to the requirements set forth in the Companies Act 2015.
FHL, a Fijian itaukei-owned investment group with a strong presence in the tourism sector, previously indicated in June of last year that it had entered a Share Sale Agreement with Skeggs Group Limited for the potential acquisition of Skeggs’ 23.5 percent stake in PDML. The Skeggs Group is a private family firm from New Zealand with a historical connection to PDML, as it was established by the late Sir Clifford Skeggs in 1952.
Both FHL and PDML are publicly traded entities on the South Pacific Stock Exchange. Skeggs Group’s initial listing of PDML in 2019 was part of a strategic plan for the family to gradually divest from the business. FHL first invested in PDML in March 2024, acquiring 11 million ordinary shares, which accounted for 27.5 percent of the shares, at a price of $1.77 per share, through a special transaction on the SPX. This week, the Fijian Competition and Consumer Commission (FCCC) authorized FHL’s takeover bid with certain conditions.
Following the acquisition, FHL is set to take over all remaining shares held by Skeggs Group, 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 move will elevate FHL’s stake in PDML from 27.5 percent to 51 percent, while FHL Trustees Limited’s ownership will jump from 0.11 percent to 19.63 percent. The acquisition is awaiting final approval from the SPX.
PDML has indicated that they will seek the necessary approvals from the South Pacific Stock Exchange during the implementation of this transaction and reassured stakeholders that business operations will continue as normal throughout this transition. They believe that the impending changes in major shareholding will not disrupt their daily activities or impact PDML’s strategic vision.
This significant development emphasizes the increasing interest and investment in Fiji’s tourism sector, suggesting a positive trend for future growth and opportunities within this vibrant industry.