By Annette Shailer
Foster’s Group has increased its share in Foster’s Group Pacific Limited (FGPL) to just under 90 per cent after purchasing Fijian Holdings Limited’s (FHL) 29 per cent shareholding in the company for $24.9 million.
FGPL owns and operates breweries and distilleries in Fiji and Samoa, producing and distributing Fiji Bitter, Fiji Gold, Vailima and other brands.
Foster’s said the transaction will simplify the future ownership arrangements of FGPL.
“Increasing our level of ownership provides us with greater strategic alignment and flexibility with respect to ongoing investment and management of Foster’s Pacific business, particularly through the current business climate,” said Foster’s CEO, Ian Johnston.
“Over many years, Foster’s has enjoyed supplying great products to the Fijian and Samoan communities and providing employment to more than 300 people.”
FHL managing director, Sereana Qoro, said it would use funds generated by the sale to re-invest in new opportunities.
The transaction is subject to approval by the Capital Markets Development Authority in Fiji, the South Pacific Stock Exchange and Reserve Bank of Fiji.
Foster’s shares were trading for $5.20 at 2:00pm today (May 4).