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Details of the much awaited $190 million acquisition of BP South West Pacific Ltd by
Fijian Holdings Ltd (FHL) are expected within the next few hours, after months of delay.
When asked on the progress of the acquisition, Fijian Holdings acting managing director Nouzab Fareed told Fiji Live that the investment conglomerate will issue a statement “within the next few hours.”
FHL is listed on the South Pacific Stock Exchange (SPSE) and on May 1 issued a statement stating that the completion date for the acquisition had been extended.
“BP SWP and FHL have a mutual agreement for extension of final settlement date to 31 May 2009,” said FHL managing director Sereana Qoro said in that statement.
“Funding for FHL is expected to be released soon, hence the extension of settlement dates.”
FHL had announced on March 27 that it was acquiring BP SWP as part of its three-year Strategic Plan “to selectively grow its investment portfolio by expanding into the Pacific region.”
It had expected the acquisition process to be completed in “a few weeks” but faced financing constraints which delayed its efforts.
FHL is expected to make its official announcement of the details of the acquisition through SPSE.
