Port Denarau Marina Limited (PDML) has received conditional authorization from the Fijian Competition and Consumer Commission (FCCC) regarding the proposed acquisition of its shares by Fijian Holdings Limited (FHL) and FHL Trustees Limited, which acts as the trustee for the Fijian Holdings Unit Trust (FHUT). These shares are to be purchased from Skeggs Group Limited, contingent upon several regulatory and shareholder approvals.
In a statement to the South Pacific Stock Exchange, PDML noted that the FCCC’s approval comes with conditions requiring FHL and PDML to provide a formal undertaking to the Commission. This commitment is designed to address potential competition concerns and will take effect only upon the successful completion of the acquisition and the acceptance of the undertaking by the FCCC. PDML emphasized that this undertaking will ensure the marina continues to operate independently and will uphold neutrality in its everyday business operations.
The completion of the transaction is still subject to outstanding conditions, which include obtaining approval from PDML shareholders as per Part 22 of the Companies Act 2015, approval from the appropriate stock exchange, and the fulfillment of all other conditions stipulated in the sale agreement. Currently, shareholder approval is pending, with plans to seek this at a general meeting set for January 13, 2026.
Additionally, PDML plans to seek approval from the South Pacific Stock Exchange during the transaction implementation stage through a negotiated deal. The company reassured investors and stakeholders that its operations will proceed as normal during this approval process. PDML conveyed that the proposed change in major shareholding is not anticipated to impact its daily operations or alter its strategic objectives.
As a publicly listed entity on the South Pacific Stock Exchange, PDML is committed to keeping the market apprised of any significant developments regarding this transaction. This reflects the company’s dedication to transparency and maintaining stakeholder confidence during a pivotal moment in its ownership structure.