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Fijian Holdings Ltd (FHL) is awaiting word from its Indian financiers on its proposed takeover of petroleum giant BP SouthWest Pacific says FHL managing director Sereana Qoro.
In a statement posted on the South Pacific Stock Exchange, Qoro said although FHL had not received a formal approval letter from the lead syndicating bank in India, a decision is expected shortly following a reassessment of recent business performance.
“We have received a management update from BP on its performance for the last five months. This has been used to revise our forecast for submission to the banks in India,” Qoro said.
“At this stage, the deal is on. However, we are unable to give a precise date for settlement as we are awaiting further update from our Indian financiers. We will announce the date in due course once this is confirmed.”
Qoro said both FHL and BP are working together to complete the transaction as soon as practically possible.
In a statement on June 30, Qoro said the finalisation of the $190 million acquisition had been extended to July 30.
Meanwhile, the financial performance of the FHL Group is also expected to be announced soon.
