In a statement issued today, Fijian Holdings Limited has made clear its position with regard to its proposed acquisition of BP SWP. Although, FHL has not received a formal loan approval letter from the lead syndicating bank in India, a decision is expected shortly following a re-assessment of recent business performance.

“We have received a management update from BP on its performance for the last five months. This has been used to revise our forecast for submission to the banks in India,” said Sereana Qoro, the Managing Director of Fijian Holdings Ltd.

“At this stage, the deal is on. However we are unable to give a precise date for settlement as we are awaiting further update from our Indian financiers. We will announce the date in due course once this is confirmed”, added Mrs Qoro.

No further deposit is required at this stage. Both FHL and BP are working together to complete the transaction as soon as practically possible.

In due course, Fijian Holdings Ltd will be announcing the financial performance of FHL Group for the year ended 30 June 2009.


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