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Fiji Time: 11:02 AM on Thursday 17 April

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PGI sells shares

Geraldine Panapasa
Friday, March 01, 2013

PACIFIC Green Industries (Fiji) Limited (PGI) has approved the offer to sell its 70 per cent shareholding in its Chinese subsidiary Dongguan Golden Palmwood Furniture Pty Limited (DGP) for $2.5million.

The decision was made at the extraordinary general meeting of the shareholders of PGI yesterday at the Pacific Green complex in Malaqereqere, Sigatoka.

"The resolution was passed on poll and the agreed percentage received in favour of this resolution was 97 per cent of the total PGI shareholding," the company said.

"Further announcements will be made if and when appropriate."

The company said earlier proceeds from the sale of PGI shareholding in DGP would be distributed to all shareholders via dividends.

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)."