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Increased Govt guarantee for Fiji Airways

 

Oct 22, 2021 03:22:46 PM

Increased Govt guarantee for Fiji Airways A motion was today passed in Parliament for the Government to increase its guarantee to Fiji Airways borrowings from $191.1 million to $241.1 million.

Parliament also approved for increase in offshore borrowings from $242. 2 million to $293.9 million a with the total guarantee ceiling of $561.4 million.

This is valid until the guaranteed facilities are discharged or fully settled and that Fiji Airways be exempted from paying a guarantee fee.

Minister for Economy Aiyaz Sayed-Khaiyum said the Government is the majority shareholder of Fiji Airways holding now 74.56 percent of the entire issued share capital.

Sayed-Khaiyum said Fiji Airways had a meeting where it notified shareholders of the intent to raise equity of $200 million to raise cash to support itself through the pandemic period.

“The Fijian Government had a pro-rata entitlement of 24 million 170,428 shares at $4.22 which amounted to $102 million,” he said.

“The Government subscribed for the 24.2 million shares by utilising the one off fee owed by Fiji Airways as part of its contribution for the shares while the remaining $7.6 million was paid for in cash.

“This increased the Fijian Government’s overall shareholding in Fiji Airways from 51 percent to 74.56 percent,” he said.

He said other shareholdings in Fiji Airways includes Qantas Airways with 24.04 percent of the shares, Air New Zealand 1 percent, the Government of Kiribati 0.14 percent, the Government of Tonga 0.14 percent, the Government of Samoa 0.06 percent and the Government of Nauru 0.05 percent.

By Nacanieli Tuilevuka

 

 

 

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