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Fiji Time: 6:58 AM on Monday 21 April

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Business as usual

Geraldine Panapasa
Tuesday, February 12, 2013

PACIFIC Green Industries (Fiji) Limited will continue operations as normal as it prepares for an extraordinary general meeting of shareholders at the end of this month to consider and make a decision on the offer received to sell its 70 per cent shareholding in Dongguan Golden Palmwood Furniture Pty Limited (DGP) for $2.5million.

PGI board recommended that shareholders approve the offer based on the valuation carried out by SouthPac Advisory.

"The valuation of PGI's 70 per cent shareholding in its subsidiary company stands at $2.243m," the company said in a statement.

"The proceeds from the sale of PGI shareholding in DGP will be distributed to all shareholders via dividends." The offer and sale of PGI shareholding in DGP was subject to regulatory approvals in Fiji and China, the company said in a statement. Early this month, 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 ($29,139), and its subsidiary ($530,055)."