Fijian Holdings Limited is expecting a decision from a leading syndicating bank in India regarding its request for a formal loan in relation to its proposed acquisition of BP South West Pacific.
In a statement, Managing Director Sereana Qoro said at this stage the deal is on, however they are unable to give a precise date for settlement as they are waiting further update from their Indian financiers.
Qoro said a decision is expected shortly following a re-assessment of recent business performance and they have received a management update from BP on its performance for the last five months.
She added this has been used to revise their forecast for submission to the banks in India.
Qoro added no further deposit required at this stage, and both FHL and BP are working together to complete the transaction as soon as practically possible.
It was earlier announced that FHL had agreed to purchase all BP South West Pacific service stations and other operations at a cost of $190 million.
FHL awaits decision on loan request
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