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BUSINESS NEWS
July 03, 2012 12:00:00 AM
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Southern Cross Foods Limited is the new owner of Fiji Dairy Limited (FDL).

This was announced this afternoon by Minister for trade and Attorney General Aiyaz Sayed-Khaiyum.

Sayed-Khaiyum said this was after cabinet approved the sale of FDL to Southern Cross Foods Limited a subsidiary of CJ Patel with a purchase price of $10million.

“The $10 million could fluctuate depending on the level of debts at the time of the actual sale being finalised but together with SC Foods it will takeover the entire debt portfolio of Fiji Dairy Limited which is approximately $17 million,” said Sayed-Khaiyum.

He said the agreement for sale has number of conditions to it and this has been agreed to with the proposed purchaser.

“They will hold 80 per cent of the shares in the company, the farmers will continue to hold 20 per cent so they will have all the dividend rights but not the voting rights but the farmers will have a 100 per cent control of the Fiji Corporative Dairy Limited which is their organisation, they will all be shareholders in that and of course they will get dividend in that,” he said.

Meanwhile, FDL chair Adrian Sofield said they received 16 expression of interest and they narrowed it down to 12 and then to two companies after tow companies withdrew.

He said the company was chosen because they have a good distribution network and experience in food processing not only in Fiji but other Pacific islands.

He also said  the whole process will be finalised within six to eight weeks in order to get all the paper work done.

By Mereani Gonedua
 

Kapoor & Sons


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