Fiji Time: 9:12 AM on Sunday 28 May

Fiji Times Logo

/ Front page / News

Investment

Geraldine Panapasa
Wednesday, July 02, 2014

THE Fiji National Provident Fund has purchased Vodafone Global Enterprises entire 49 per cent stake in Vodafone Fiji Limited (VFL), taking its direct and indirect ownership to 79 per cent.

According to ATH and FNPF board chairman Ajith Kodagoda, the development means the fund controlled almost 79 per cent of VFL.

"Vodafone Global owned 49 per cent of Vodafone Fiji Limited and 51 per cent was owned by ATH," he said.

"Since FNPF owns 58 per cent of ATH, it also indirectly owned 29.5 per cent of VFL.

"With the purchase of 49 per cent, FNPF now owns directly and indirectly 79 per cent of VFL.

"It also means VFL is now 100 per cent locally-owned. It's a very good thing for the country and the members.

"The money that used to go overseas as dividend for Vodafone Fiji will remain in the country and members have diversified their investment portfolio into a growing and profitable company."

FNPF CEO Aisake Taito said the investment was part of FNPF's move to diversify its investment portfolio.

"The purchase will allow FNPF members to directly realise the benefits from VFL's strong financial performance through a higher dividend share.

"FNPF's direct investment in VFL will provide a stronger platform to map strategies for the entire ATHL Group, allowing the realisation of synergies to ensure that returns to members are maximised.

Despite the new ownership structure, Mr Taito said VFL would maintain its relationship with Vodafone Group for propriety services and branding under a partner market agreement.

"Under the new arrangement the present VFL board directors will continue to serve on the board providing invaluable strategic leadership."








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.65410.6351
JPY 54.851651.8516
GBP 0.37340.3654
EUR 0.43260.4206
NZD 0.69690.6639
AUD 0.65350.6285
USD 0.48690.4699

from

$0.00

Exchange Rate updated on 26th, May, 2017

Today's Most Read Stories

  1. $16k freight scam
  2. Inquiry bid foiled
  3. 'Fijian' sparks debate
  4. $2m generated from Super Rugby match
  5. Farmers protest
  6. Ali appointed RBF acting Governor
  7. Non parole period of thirty years
  8. Risky crossing for users
  9. Road authority utilises $23m for repair works
  10. Ministry certifies twenty-six growers

Top Stories this Week

  1. A-G sounds warning Sunday (21 May)
  2. Man wants house back Wednesday (24 May)
  3. $16k freight scam Saturday (27 May)
  4. Qoro on Pleass board Monday (22 May)
  5. Henry's debt to mum Wednesday (24 May)
  6. Work cut out Monday (22 May)
  7. Toorak youths distraught over lost jerseys Tuesday (23 May)
  8. Mystery chests, villagers warned Wednesday (24 May)
  9. Pillar of strength Wednesday (24 May)
  10. Thank you midwives Monday (22 May)