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."