Marina facility Port Denarau Marina Limited (PDML) has assured its shareholders and the market that its operations will continue as normal during the transaction period of the proposed sale of major shareholder Skeggs Group Limited’s shares to Fijian Holdings Limited (FHL).
This week, FHL and Skeggs had announced it had entered into conditional agreements for the sale of Skeggs’ shareholding in PDML.
Under the terms of the agreements, Skeggs has agreed to sell its entire shareholding in PDML, representing approximately 43.02 per cent of the company’s issued capital to FHL and Fijian Holdings Unit Trust (FHUT), subject to certain conditions.
In its market announcement issued by the South Pacific Stock Exchange (SPX) where it is listed, PDML board chairman Malakai Naiyaga said the completion of the transaction was subject to the satisfaction of several conditions, including but not limited to approvals from the Fijian Competition and Consumer Commission (FCCC), SPX and PDML shareholders.
“The parties anticipate that the conditions precedent will be satisfied within six months,” Mr Naiyaga said.
“PDML will keep the market informed of any material developments regarding this transaction as it becomes aware in accordance with its listing obligations.
“The proposed change in major shareholding is not expected to impact day-to-day operations or PDML’s strategic direction in the immediate term.
“We understand that a Skeggs representative will remain on the board of PDML post-completion of this transaction,” he said.
On Wednesday, FHL had announced the execution of a share sale agreement with Skeggs for the potential acquisition of Skeggs’ 23.5 per cent shareholding in PDML.
If the transaction is successfully completed, FHL’s stake in PDML would increase from 27.5 per cent to 51 per cent.
FHL had initially acquired a 27.5 per cent shareholding in PDML in March last year.
Note: This article was first published on the print version of the Fiji Times dated June 7, 2025
