The deal is off.
Fijian Holdings Limited's acquisition of BP South West Pacific has been terminated.
In a FHL market announcement in the last hour, it states that both parties have mutually agreed to terminate the Sale and Purchase Agreement signed in December last year.
As per the agreed conditions, BP South West Pacific will return 100 percent of the original deposit and additional deposits amounting to about $25 million to Fijian Holdings.
FHL Managing Director Sereana Qoro said it is a business decision reached amicably by FHL and BP South West Pacific considering the time and effort the project has taken to date.
Qoro said FHL has exercised its best endeavors in dealing with international banks but the delay was beyond their control.
She said this is not the end of the road for Fijian Holdings.
Qoro said in fact, the divestment of Fosters shares and the refund of the full BP deposit to Fijian Holdings puts FHL in a much stronger position in terms of cash flow and net asset position.
No Deal
Related Stories
We are committed to holding elections – Siromi Turaga
Questions were raised during Dialogue Fiji’s Constitution review discussion on whether the government can delay the general elections and complete the Constitution review however Acting Attorney General Siromi Turaga
Fijian economy on track to grow for fourth consecutive year in 2025 by 3.4%
The Fijian economy is on track to grow for the fourth consecutive year in 2025 by 3.4 percent, following a 3.5 percent expansion in 2024. The growth forecast is revised up marginally from the 3.2 percent projected
Heavy Rain Alert for Eastern Viti Levu, Southern Bua, Cakaudrove, Taveuni and maritime areas
A heavy rain alert is now in force for the eastern half of Viti Levu (Navua–Suva–Nausori to Serua–Namosi to Tailevu–Naitasiri–Ra areas), southern Bua, Cakaudrove, Taveuni and nearby smaller islands, the Lau an
We need to dismantle criminal enterprises, hitting them where it hurts most - Speaker
Speaker of Parliament, Filimone Jitoko has highlighted during the opening of the Office of the Director of Public Prosecutions Conference that there is a need for prosecutors in the country to master the digital frontie
Fiji has learned from its past and we know that restricting media engagement or access is not the answer - Tabuya
At all times, the public interest in accessing information and the media’s role in scrutinising government must outweigh any unilateral power to silence or sideline a news outlet. In Fiji, we uphold the principle that
Wailea resident raises concerns about drug issues raised countless times with Police while COMPOL says official complaint must be lodged
Wailea Settlement Community leader, Inoke Utona says he has raised the issue of drug use and dealing in their area countless times with the authorities but there has still been no response from Police. However when