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Vodafone Fiji goes all-local as FNPF buys shares

 

Jul 01, 2014 05:24:43 PM

Vodafone Fiji goes all-local as FNPF buys shares Vodafone Fiji Limited is now 100 per cent locally-owned after Fiji National Provident Fund (FNPF) purchased Vodafone's entire 49 per cent stake in Vodafone Fiji Limited (VFL).

This takes the superannuation fund's direct and indirect ownership to 79 per cent of VFL.

Amalgamated Telecom Holdings Ltd (ATHL) owns the remaining 51 per cent shares in VFL.

In a statement, FNPF chief executive Aisake Taito said the investment is part of FNPF's move to diversify its investment portfolio.

"The purchase will allow FNPF members to directly realise the benefits from VFL's strong financial performance through a higher dividend share," Taito said.

Although entirely Fiji-owned, FNPF says VFL will maintain its relationship with Vodafone Group for propriety services and branding under a Partner Market Agreement.

Under the new arrangement, the current VFL board directors will continue to serve on the board.

The FNPF also assures stakeholders, "it remains business as usual with little operational change."

FijiLive

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