Port Denarau Marina Limited (PDML) has announced that the Fijian Competition and Consumer Commission (FCCC) has granted conditional authorisation for the proposed acquisition of PDML shares by Fijian Holdings Limited (FHL) and FHL Trustees Limited, acting as trustee for the Fijian Holdings Unit Trust (FHUT).
The shares are to be acquired from Skeggs Group Limited, subject to a number of regulatory and shareholder approvals.
In a statement released to the South Pacific Stock Exchange, PDML said the FCCC’s approval is conditional on FHL and PDML providing a formal undertaking to the Commission.
The undertaking, which will only take effect upon successful completion of the transaction and formal acceptance by the FCCC, is intended to address potential competition concerns.
PDML said the undertaking will ensure that the marina continues to operate independently and maintains neutrality in its day-to-day business decisions.
Completion of the transaction remains subject to several outstanding conditions, including approval by PDML shareholders in accordance with Part 22 of the Companies Act 2015, approval by the relevant stock exchange, and satisfaction of all other conditions outlined in the sale agreement.
As at the date of the announcement, shareholder approval is still pending and is expected to be sought at a general meeting scheduled for 13 January 2026.
Approval from the South Pacific Stock Exchange will be sought at the stage of implementing the transaction on the market through a negotiated deal.
PDML assured investors and stakeholders that its operations will continue as normal during the approval process.
The company said the proposed change in major shareholding is not expected to affect its day-to-day operations or alter its strategic direction.
PDML added that it will continue to keep the market informed of any material developments relating to the transaction, in line with its obligations as a listed entity on the South Pacific Stock Exchange.
