FHL waives pre-emptive rights in BIL and FIL

The Fijian Holdings Limited (FHL) yesterday announced that their joint ventures partners in Building and Construction are planning to divest their holdings.

FHL has confirmed the waiver of its pre-emptive rights to acquire the shareholding of their joint venture partners in Basic Industries Ltd (BIL) and Fiji Industries Ltd (FIL).

Accordingly, 49 per cent of BIL and 47.3 per cent of FIL will be available for sale.

Auckland based corporate advisory firm, Campbell Macpherson Ltd will handle the sale process.

FHL chairman Iowane Naiveli said they are been in discussion with their partners for the last 24 months and FHL has made a decision to waive its pre-emptive rights in both BIL and FIL mainly on their exposure to the sector.

FHL acting group chief executive Nouzab Fareed said they are pleased with the performance of their current portfolio and with current exposure to building and construction sector.

FHL owns 50.2 per cent of FIL while South Pacific Cement Ltd owns 47.3 per cent of the company.

For BIL, FHL owns 51 per cent while the balance is owned by Holcim NZ.

BIL engages in the business of ready mix concrete, quarrying, crushing, concrete blocks and many others while FIL is the sole manufacturer of cement in Fiji.

By Ropate Valemei