FIJIAN Holdings Limited is selling its shares in Basic Industries Limited and Fiji Industries Limited.
A statement issued by the South Pacific Stock Exchange said Fijian Holdings — which owns 50.2 per cent of FIL and 51 per cent of BIL — had surrendered its rights to acquire the shares owned by Holcim New Zealand — which was the second largest shareholder of BIL and, the South Pacific Cement Limited for Fiji Industries Ltd.
"Accordingly, 49 per cent of BIL and 47.3 per cent of FIL will be available for sale," the statement, bearing the Fijian Holdings Ltd letterhead said.
FHL chairman Iowane Naiveli said FHL would not purchase the shares of its joint venture partners because of its exposure to the market.
"We are an investment company," he told The Fiji Times yesterday.
BIL has 49 per cent shares owned by Holcim New Zealand while the South Pacific Cement Ltd owns 47.3 per cent of FIL.
"Holcim NZ is planning to divest its 49 per cent in BIL in the coming months. BIL trades as Standard Concrete and Hume Industries," the statement said.
Apart from FHL and SPCL, Fiji's sole cement manufacturer, FIL, has 43 other shareholders.
FIL exports its products to other Pacific countries.
South Pacific Cement Ltd is owned equally by Holcim NZ and Fletcher Buildings Ltd of New Zealand, FHL said.
Mr Naiveli said discussions with partners had ensued over the past 24 months.
Auckland-based corporate advisory firm Campbell Macpherson Limited will handle the sales process.