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 this afternoon, and have requested the additional information if the suspension is to be lifted.
Jinita 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.
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.
FHL to Remain Suspended-Stock Exchange
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