Shareholders of Port Denarau Marina Ltd (PDML) have approved the sale of majority of the company’s shares to Fijian Holdings Ltd (FHL) and related interests.
In a statement filed yesterday at the South Pacific Stock Exchange (SPX), PDML said as per requirement in the Companies Act 2015, the acquisition was put to PDML’s Extraordinary General Meeting (EGM) on Tuesday and was passed.
FHL, an itaukei-owned investment conglomerate with businesses in the tourism sector, had announced in June last year the execution of a Share Sale Agreement with Skeggs Group Limited (Skeggs) for the potential acquisition of Skeggs’ 23.5per cent shareholding in PDML.
Skeggs Group Ltd, which held the interests of the founding family of the marina business, is a New Zealand private family company of the Skeggs family, founded by the late Sir Clifford Skeggs in 1952.
FHL and PDML are both listed on the South Pacific Stock Exchange (SPX) and the Skeggs Group’s listing of PDML in 2019 was to help facilitate the Skeggs family’s stated intent to gradually exit the business.
FHL first bought into PDML in March 2024 when it acquired 11million ordinary shares (27.5per cent) from Skeggs Group at $1.77 a share, facilitated through a special crossing on SPX. Its takeover bid was granted conditional authorisation by the Fijian Competition and Consumer Commission (FCCC) this week, followed by Tuesday’s approval by shareholders.
The acquisition involves all of Skeggs Group’s remaining shares, with 23.5per cent to be taken up by FHL and 19.52per cent by FHL Trustees Limited (FHLTL) on behalf of Fijian Holdings Unit Trust (FHUT), resulting in FHL’s interest in PDML increasing from 27.5per cent to 51per cent, and FHL Trustees Limited from 0.11per cent to 19.63per cent.
The acquisition now awaits SPX approval.
“South Pacific Stock Exchange approval will be sought at the stage of implementing the transaction on the market through a negotiated deal,” PDML stated.
“PDML’s operations will continue as normal during this period.
“The proposed change in major shareholding is not expected to impact day-to-day operations or PDML’s strategic direction.”
