Shareholders of publicly listed Free Bird Institute Limited (FBL) have unanimously approved a resolution for one of Japan’s largest overseas education consultancies to acquire a controlling 50.1 per cent stake in the Nadi-based school.
The transaction involves transferring 1,835,128 shares from executive chairman Hiroshi Taniguchi to Last Resort Co Ltd, with the takeover now awaiting final regulatory approvals.
At its annual general meeting on May 19, the board of the English language institution had proposed the transfer of those ordinary shares in the company from Mr Taniguchi to Last Resort Co Ltd, which will result in a change in control of the company.
The board had also authorised its directors to “do all such acts and things, and to execute all such documents, as may be necessary or desirable to give effect to this resolution, including but not limited to the approval and registration of the transfer of shares”.
A market announcement released by the South Pacific Stock Exchange (SPX) on Tuesday this week – and signed by Mr Taniguchi and company secretary Roqiqi Korodrau, stated the transaction was currently pending approval from the relevant regulatory authorities, including the Reserve Bank of Fiji (RBF) and the Fijian Competition and Consumer Commission (FCCC).
“The company is presently working with the relevant stakeholders and regulators in relation to the approval process,” the company stated.
“Shareholders will be updated accordingly once the required approvals have been obtained or if there are any material developments concerning the transaction.”
Free Bird Institute Ltd was originally established as an education institution in 2004, and began formal operations in Nadi in 2006, trading as Namaka Public Free Bird Institute.
It was officially incorporated as a limited liability company in 2010, and made history on February 2, 2017 when it became the first ever educational sector company and the first foreign-founded local business to list on the SPX.
