Update: 6:22PM PACIFIC Green Industries (Fiji) Limited's board, management and shareholders announced a decision to sell its 70 per cent shareholding in Dongguan Golden Palmwood Furniture Pty Limited for $2.5million.
The sale was finalised in June this year with management stating all income derived from this sale would be distributed to shareholders as dividend payments over a five-year period.
In a statement this afternoon, the company said Golden Palmwood will supply PGI with furniture parts and services during this period.
To date, PGI has received furniture and parts to the value of $217,711. After paying VAT duties and levies for these furniture and parts, PGI received $152,398 in net value, the company said.
The directors of PGI have approved the payment of a dividend of $0.02 per share to all its shareholders.