Approximately 36,764 EFL customers acquired 7.1 million non-voting shares in EFL - AG

Minister for Economy, Aiyaz Sayed-Khaiyum today highlighted in parliament that to date, approximately 36,764 Energy Fiji Limited customers have acquired 7.1 million non-voting shares from the 25 million non voting shares in EFL, while the balance is currently held in trust.

While giving his ministerial statement on the divestment of EFL shares, Sayed-Khaiyum says they took their time in scoping the market and carefully selecting the right investor.

He says this was not a desperate move to raise funds by the government as claimed by many and reported in papers like the Fiji Times.

The minister says if it was a rushed sale, the divestment of EFL would have been completed by 2016.

He also highlighted that the expression of interest for the partial divestment of EFL shares was advertised locally and overseas and many came with their own demands.

Sayed-Khaiyum assured the members of the FNPF that FNPF is investing responsibly in a billion dollar company.

He added they are also looking at listing EFL in the stock market.

SODELPA MP, Aseri Radrodro

SODELPA MP, Aseri Radrodro questioned Sayed-Khaiyum whether proper due diligence was undertaken in the divestment of shares.

Radrodro says in the ministerial statement made by Sayed-Khaiyum there is no specific mention made on the allocation to resource owners. 

He added that they have given their land for a specific purpose for the nation.

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