Trading in Fijian Holdings Limited has been suspended from the South Pacific Stock Exchange from today.

Stock Exchange Chief Executive, Jinita Prasad said Fijian Holdings has announced some major changes to its board and the Exchange believes more disclosure needs to be made by the company on details surrounding these changes.

Prasad said the Exchange has decided to take this step in order to prevent any potential market manipulation, insider trading or media speculation. She said the Exchange feels that such action is in the best interest of the market as it allows the Exchange to review the circumstances before deciding what additional information needs to be released by Fijian Holdings before the suspension in trading of their shares can be uplifted.

Prasad said all licensed members of the Exchange will not be able to execute Fijian Holdings orders until the suspension is lifted.

Meanwhile the board of Fijian Holdings has announced the new changes to the board.

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. Storck said 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 has 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.

Qoro is currently in a meeting and is expected to respond to the Stock Exchange's decision later today.

Exchange CEO, Jinita Prasad is yet to comment on why trading in Fijian Holdings is suspended after the statement issued by Fijian Holdings.