Former Fijian Holdings Limited Managing Director Laisenia Qarase said the board of FHL may have studied the risk first before agreed venture into a new business of purchasing BP South West Pacific worth $190 million dollars.
Qarase said he welcomes the direction in which FHL is moving.
Chairman of Fijian Holdings Limited Isoa Kaloumaira said the company has a lot of assets to put up as security for the commercial banks to finance this new venture.
He said he will not divulge the details of the security and assets as that's only for the FHL and the commercial banks to know.
Kaloumaira confirmed yesterday that FHL will be dealing with local financial institutions to help raise the finance to buy the BP South West Pacific service stations. There is no word on how much money will be borrowed by Fijian Holdings and how much will be borrowed locally and abroad.
It is also unclear at this stage on whether Fijian Holdings will fully pay off the $190 million dollars to the current owners or they will opt for payment in installments. He said discussions have also been held with officials from the Reserve Bank on the matter.
He said all other details regarding the operations of the new subsidiary company will be revealed later after everything is finalised. It will be called FHL Energy Ltd and will be in full operation in Fiji and 67 retail outlets and related operations in Fiji, Tonga, American Samoa, Cook Islands, Tuvalu and Vanuatu within the next 6 months. FHL has engaged Hindustan Petroleum Company Ltd to manage and operate the new oil company after the assistance of the Indian High Commissioner in Fiji.
Qarase welcomes Move By FHL
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