Pacific Green Industries (Fiji) Limited has received an offer for its shareholding in its subsidiary Dongguan Golden Palmwood Furniture Pty Limited (DGP) in China.
According to South Pacific Stock Exchange, PGI’s current shareholding in DGP is 70 percent whereas, the remaining 30 percent of the shareholding in DGP is owned by one of the directors of PGI, Qi Hui.
In December 2012, PGI’s chairman Peter Ryan held discussions with Hui as he (Hui) formed an association in China to purchase the 70 percent shareholding held by PGI.
The offer will be considered by the shareholders of PGI during an extraordinary general meeting that is expected to be convened on February 28, 2013 at Pacific Green Complex, Malaqereqere in Sigatoka.
SPSE stated that the terms of offer are currently being finalised and will be released to all shareholders as soon as they are done.
If approved by the shareholders, the sale will be subject to the usual regulatory approvals.
Further announcements will be made if and when appropriate after the extraordinary general meeting.
By Indrani Krishna