Attorney General Aiyaz Sayed-Khaiyum said Qantas’ sale price of its Air Pacific shares is too high and not worth the amount that is being asked.
It has been revealed that in 2010, Qantas wanted to sell its shares in Air Pacific to the Fijian government for $70M.
Sayed-Khaiyum said by way of reference, the Solomon Islands government sold 1 percent of its shares to Qantas in 2006 for about $1.74 a share when Air Pacific’s financial position was a lot better.
He said Qantas should follow provisions outlined in Air Pacific’s Articles of Association which states that any offer to sell should be formally made and should a conflict arise on the price offered, the matter should be taken to an independent arbitrator who will then appoint an independent valuer to value the proposed shares to be sold.
Qantas owns 46.3 percent of shares in Air Pacific.
Story by: Vijay Narayan
Qantas price too high - AG
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