In a statement issued today, Fijian Holdings Ltd announced that FHL’s acquisition of BP South West Pacific Ltd has been terminated. Both parties have mutually agreed to terminate the Sale & Purchase agreement signed in December 2008. As per the agreed conditions, BP SWP will return 100% of the original deposit and additional deposits totalling USD 12,336,500 which amounts to approximately FJD 25,000,000.

Sereana Qoro, Managing Director of Fijian Holdings Ltd said, “It is a business decision reached amicably by FHL and BP SWP considering the time and effort the project has taken to date. FHL has exercised its best endeavours in dealing with International banks, but the delay was beyond our control.”

Mrs Qoro further added that this is not the end of the road for FHL, in fact the divestment of Fosters shares and the refund of the full BP deposit to FHL puts FHL in a much stronger position in terms of Cashflow and Net Asset position.


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