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PGI organises special meeting for shareholding offer

Geraldine Panapasa
Saturday, February 02, 2013

PACIFIC Green Industries (Fiji) Limited (PGI) is expected to hold a special meeting later this month to discuss an offer from a consortium in China to purchase 70 per cent shareholding held by the company in its subsidiary, Dongguan Golden Palmwood Furniture Pty Limited (DGP).

The remaining 30 per cent shareholding in DGP, based in China, is owned by PGI director Qi Hui.

In a statement, the company said it received an offer for its shareholding in DGP and discussed this at board level.

"The offer will be considered by the shareholders of PGI in an extraordinary general meeting to be convened on February 28, at the Pacific Green complex, Malaqereqere in Sigatoka at 11am," the company said.

"The terms of offer are currently being finalised and will be released to all shareholders as soon as they are finished. If approved by the shareholders, the sale will be subject to the usual regulatory approvals.

"Further announcements will be made if and when appropriate after the extraordinary general meeting."

The company said its 2012 accounts were yet to be audited but noted group revenue of more than $9.11million in the 2011 audited accounts — PGI earning more than $2.37m and its subsidiary with more than $7.22m.

"The profit/(loss) for the group was $400,178 — PGI with $29,139 and its subsidiary with $530,055," the company said.


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