Fijian Holdings Limited (FHL) has today acquired an additional 10% shares in Marsh Fiji Limited (MFL), raising FHL's shareholding in the company to 25%. These shares were acquired from the current majority owner of the company, Marsh New Zealand. The current shareholders of MFL are Marsh New Zealand Limited, Unit Trust of Fiji and Fijian Holdings Limited. Announcing the share purchase, FHL's Managing Director Mr. Sitiveni Weleilakeba said that the acquisition was finalised after extended and extensive negotiations between Fijian Holdings Limited and Marsh New Zealand.

Mr. Weleilakeba said that the acquisition is a reflection of FHL's confidence in Marsh Fiji after dynamic performances by the company in the last five years. "We expect this performance to be maintained in the future, given that Marsh is the most dominant player in its market and the firm prospects for the financial services industry in Fiji," he added. MFL is the largest risk consulting and insurance broking firm in Fiji and continues to grow its local operations.

The value of Marsh's global network and pre-eminent position in the local business community is a key factor in this growth. According to Mr. Weleilakeba, FHL initial investment in MFL has provided very good returns. "FHL acquired its initial 15% shareholding in MFL in 1997. The dividends received in the last 8 years have already repaid our original investment by more than five times and intrinsic capital value has increased by more than nine times," Mr. Weleilakeba said. Accordingly, FHL expects the additional investment to contribute additional dividends income and capital appreciation in shareholder value in the future. Mr. Weleilakeba concluded by thanking Marsh New Zealand for the opportunity to acquire additional shares in MFL.

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 Sitiveni Weleilakeba
FHL Managing Director