In a statement issued to the market today, Fijian Holdings Limited announced that the completion date for the acquisition of BP SWP Ltd has been extended to 31 May 2009.

In making the announcement today, FHL Managing Director, Mrs Sereana Qoro said, “BP SWP and FHL have a mutual agreement for extension of final settlement date to 31 May 2009. Funding for FHL is expected to be released soon hence the extension of settlement dates”.  Mrs Qoro added that both parties have invested significant time and resources into this transaction and are firmly committed to bringing the deal to proper and full completion.

In terms of the impact of the devaluation on the acquisition price, Mrs Qoro said that while the recent 20% devaluation has an effect on the exchange rate, BP SWP Ltd has offered to revise the price to cover the effect of devaluation which works to the benefit of FHL.

Mrs Qoro concluded that once the settlement is done, FHL will disclose through South Pacific Stock Exchange, full details of the acquisition. Mrs Qoro also confirmed that a shareholders meeting will be arranged at an appropriate time when the deal is completed. 


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