Fijian Holdings Limited (FHL) is pleased to announce the successful completion of the partial takeover of RB Patel Group Limited by its subsidiary FHL Retailing Limited. The takeover was in accordance to the offer document approved by the Capital Markets Development Authority, and the South Pacific Stock Exchange which closed on 11 April 2008.

 

Four (4) shareholders who held between them 50.75% of the issued shares of RB Patel Group Limited accepted our offer. The acceptors included the RB Patel family who had earlier disclosed their intention to accept the offer. Under the terms and conditions outlined in the offer documents, FHL has processed the acceptance and the share transaction were traded and settled today.

 

As the result of this takeover process, FHL Retailing Limited now holds 50.2% of the issued shares of RB Patel Group Limited.

 

It is also prudent to note that FHL is liaising with Commerce Commission regarding their independent enquiry into this takeover under the ambit of the Fair Trading Decree.

 

The FHL Board express its sincere appreciation to the Capital Markets Development Authority and the South Pacific Stock Exchange for facilitating the processes for this share acquisition, the first of its kind in Fiji

 

 

 

 

Sitiveni Weleilakeba

FHL Group Managing Director

14 April 2008