BUSINESS NEWS
July 26, 2012 12:00:00 AM
  Follow @ Twitter

The Fijian Holdings Limited (FHL) yesterday announced that their joint ventures partners in Building and Construction are planning to divest their holdings.

FHL has confirmed the waiver of its pre-emptive rights to acquire the shareholding of their joint venture partners in Basic Industries Ltd (BIL) and Fiji Industries Ltd (FIL).

Accordingly, 49 per cent of BIL and 47.3 per cent of FIL will be available for sale.

Auckland based corporate advisory firm, Campbell Macpherson Ltd will handle the sale process.

FHL chairman Iowane Naiveli said they are been in discussion with their partners for the last 24 months and FHL has made a decision to waive its pre-emptive rights in both BIL and FIL mainly on their exposure to the sector.

FHL acting group chief executive Nouzab Fareed said they are pleased with the performance of their current portfolio and with current exposure to building and construction sector.

FHL owns 50.2 per cent of FIL while South Pacific Cement Ltd owns 47.3 per cent of the company.

For BIL, FHL owns 51 per cent while the balance is owned by Holcim NZ.

BIL engages in the business of ready mix concrete, quarrying, crushing, concrete blocks and many others while FIL is the sole manufacturer of cement in Fiji.

By Ropate Valemei

 

hasee


PREVIOUS STORY
FHL acquires South Sea Cruises
NEXT STORY
Support for SMEs important: Ali

Bookmark and Share
   




FIJI NEWS
Fiji envoy presents credentials to MaldivesFijiís High Commissioner to India Yogesh Karan presented his credentials to the Maldives President, Abdulla Y A Gayoom at his office in Malť earlier this week.
WORLD
'Green'-tinted SUVs at Seoul Motor ShowGas-guzzling SUVs, eco-friendly electric cars and the odd brave attempt to marry the selling points of both are taking centre stage at the biennial Seoul Motor Show.
HEALTH/FITNESS
Clean-up day to curb dengue outbreakFiji's Ministry of Health has declared a clean-up day next Thursday for residents in the central division as it ups the tempo against a dengue fever outbreak currently experienced in the country.
SPORTS
Tavua wins Sikh IDCTavua walked away with the Fiji Sikh Sports Association's Inter District Championship title this afternoon after topping the round robin competition.
ENTERTAINMENT
Sam Smithís debut In The Lonely Hour out in MayBRIT and BBC Sound Poll winner Sam Smithís debut album In The Lonely Hour is out on May 23.
NEWS SPORTS INFOTAINMENT SERVICES MOBILE EXTRA HOT TOPICS