The suspension of trading of Fijian Holdings Limited shares by the South Pacific Stock Exchange has been lifted after the stock exchange was provided with information on the changes to the FHL Board.
Stock Exchange Chief Executive Officer Jinita Prasad confirmed to FijiVillage that FHL shares were again trading on the market from this hour.
Prasad said from the information provided by the new executives of FHL, they are satisfied that the changes to the Fijian Holdings Limited board is within the constitution of the company.
'The suspension in trading of FHL shares was uplifted yesterday and which really means that they can be traded … today. The main concern that FHL had was to make sure that everything was done in compliance with the memorandum and articles of association of FHL and also in compliance with the listing rules that the stock exchange has. After we were satisfied that the new changes to the board were done within these rules and regulations and within the constitution of the company, we were happy to uplift the suspension." Jinita Prasad.
Prasad said they have no reason to enquire into the reasons why the former board members resigned.
"From the investors point of view, the company had acted within the laws and it’s constitution. And why they resigned is not really something that we would look into as long as they acted legally (and) within their powers." Jinita Prasad.
Trading in Fijian Holdings Shares was suspended yesterday following the announcement of the new board members of FHL.
Newly appointed Group Managing Director Sereana Qoro is yet to comment on the matter.
FHL to Remain Suspended-Stock Exchange 17/06/08
The South Pacific Stock Exchange stresses that Fijian Holdings Limited will remain suspended from the Stock Exchange until further explanations are provided on the changes to the FHL Board.
CEO Jinita Prasad told Fijivillage that they met with the newly appointed executives of Fijian Holdings Limited this afternoon, and have requested the additional information if the suspension is to be lifted.
"We have met with the company and we have also requested that the company release more clarification into the press release they have done into the resignation and appointment of the board members of the company. And once we are satisfied with more clarification and disclosure by the company the suspension in the trading of the shares should be listed eventually." Jinita Prasad.
Prasad said the only concern for the Stock Exchange has, is the impact on investors and shareholders of Fijian Holdings Limited if the changes are not explained.
"Our main concern is the investor confidence the shareholders who are already holding investment in the company are safeguarded. That their interests are safeguarded. And the fact that Fijian Holdings Limited as a listed company has acted within their Articles of Association and within the listing rules in taking the actions they have taken." Jinita Prasad.
The Stock Exchange said it has decided to take this step in order to prevent any potential market manipulation, insider trading or media speculation.
Newly appointed Group Managing Director Sereana Qoro is currently in a meeting and is expected to comment on the matter.
Meanwhile Fijian Holdings Incoming Chairman, Robin Storck said the board has today endorsed the appointment of new board members made by the Minister of Fijian Affairs to fill casual vacancies for B-Class directors on the Fijian Holdings board.
The board has accepted the resignation of outgoing chairman, Joe Mar and has appointed Storck as the new Chair and Colonel Aziz Mohammed as the Deputy Chairman. The new appointments to the board are Robin Storck, Padam Lala, Colonel Aziz Mohammed and Sereana Qoro. These directors have been appointed to replace Tui Mailekai, Iowane Naiveli and Asif Razak who have tendered in their resignations as directors representing B-Class shareholders.
The board also declared Alice Tabete's seat on the board vacant due to her absence for three consecutive meetings without special leave of absence. Storck also confirms that three new appointments will join existing directors, Ulaiasi Baya and Isoa Kaloumaira as B-Class representatives on the board.
Storck has also confirmed that the board has accepted Sitiveni Weleilakeba's resignation and has appointed Sereana Qoro as the new Group Managing Director of Fijian Holdings, effective immediately. However Weleilakeba will continue as a director representing A-Class shareholders.
Weleilakeba could not be reached for a comment but it has been confirmed that he met with the Interim Prime Minister, Commodore Frank Bainimarama last week. Storck has refused to make further comments.
