BUSINESS NEWS
September 07, 2012 12:00:00 AM
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Coca Cola Amatil (Fiji) Limited today purchased the 89.59 per cent shareholdings held by Foster’s Australia Limited in Fosters Group Pacific Limited (FGP).

The acquisition brings about a change in the substantial shareholder of FGP as well as the change of control of the company.

The transaction occurred by the way of special crossing of 9, 325, 000 shares at $11.65 per shares today so that the most recent trade price of FGP shares remained unchanged.

FAL now ceases to be a shareholder of FGP as the 9, 325, 000 shares traded reflects the total shareholding that was held by the company.

As part of the overall regulatory approval process, CCA Fiji Limited is now restricted by the Reserve Bank of Fiji (RBF) from acquiring any further shares in FGP without prior approval.

As a result, CCA has advised FGP that it does not currently intend to make any offer to the minority shareholders.

FGP is also restricted from delisting without approval from RBF.

SPSE has waived compliance which imposes a minimum shareholder spread requirement whereby a minimum of 20 percent  of the total issued shared must be owned by at least 50 members of the public.

FAL has been removed as the largest shareholders of FGP and has been replaced by CCA Fiji.

There are 20 shareholders of the securities of FGP.

The principal activities of FGP remains but senior management will be replaced by senior executive appointed by CCA Fiji.

By Ropate Valemei

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