ITAUKEI investment conglomerate Fijian Holdings Ltd (FHL) and related interests have bought additional shares in Port Denarau Marina Ltd (PDML) for $32million, taking their total ownership in the berthing business to more than 70 per cent.
The sale process, which began in June last year and announced on the South Pacific Stock Exchange (SPX), where FHL and PDML are listed, was formally completed last Friday in a special crossing of over 17.2 million shares at $1.88 per share on the SPX, transferring ownership from PDML founder Skeggs Group Ltd to FHL (9.4 million shares) and FHL Trustee Ltd (7.808 million shares on behalf of Fijian Holdings Unit Trust).
The combined total of 17.2 million shares represented the Skeggs Group’s remaining 43.02 per cent shareholding in the company, which it established in 1999 and listed on the SPX in 2019.
“With this transaction, Skeggs Group Ltd no longer holds shares in PDML,” PDML announced yesterday on the SPX.
Skeggs Group Ltd, which held the interests of the founding family of the marina business, is a New Zealand-based private family company founded by the late New Zealand politician and businessman Sir Clifford Skeggs in 1952.
The transaction increased FHL’s interest in PDML from 27.5 per cent to 51 per cent and FHL Trustees Ltd’s interest from 0.11 per cent to 19.63 per cent, according to previous market announcements on the sale.
This puts FHL at the top of PDML’s top three shareholders with 51 per cent, FHL Trustees Ltd ATF Fijian Holdings Unit Trust at 19.52 per cent and BSP Life at 15.04 per cent.
The marina facility, located on Denarau Island in Nadi, serves as the central hub for maritime tourism and yachting in Fiji and offers direct access to essential amenities including a supermarket, pharmacy and bakery at the dock.
Designed to accommodate vessels of all sizes, the marina offers a well-marked entrance channel with a depth of five metres and zero tide, providing safe and reliable access.
The facility includes:
– 63 commercial and 62 fully serviced private berths;
– 16 swing moorings;
– 27 superyacht berths for vessels up to 115metres;
– Dockside fuel, water, power (single and three-phase) and Wi-Fi; and
– A 3-tonne travel lift, hardstand area and marine service workshops.
