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Group records $2m profit

Manasa Kalouniviti
Saturday, February 03, 2018

FIJICARE Insurance Ltd (FIL), in releasing its preliminary unaudited financial results for the year ended December 31, 2017, reported that the company made a consolidated group net profit after tax of $2,009,802.

This represented an increase of 251 per cent over the corresponding profit of $801,852 for 2016 while the holding company FIL recorded a net profit after tax of $1,533,610 which represented an increase of 208 per cent over the 2016 profit of $738,514.

Company chairperson Philipp Thomas said the holding company results were boosted by revaluations in investment properties totalling $670,000 and an increase in unrealised gains on shares in other entities amounting to $326,000.

"The VanCare Insurance Ltd results represent a significant improvement above budget result of $590,000 against budget of $267,000; and based on the preliminary results the net asset backing per share is calculated at $1.03," said Mr Thomas.

Mr Thomas said the results were still subject to audit by FIL's external auditors and maybe subject to adjustment.

On the status of the takeover transaction he advised that the three major shareholders of FIL had accepted Mount Sophia Ventures (Fiji) Ltd's (MSV) offer for the sale of 5,760,016 ordinary shares (representing 70.23 per cent of FIL's total issued shares) subject to certain conditions.

"MSV has advised FIL that it has lodged a bidder's statement for registration with the Reserve Bank of Fiji (RBF) pursuant to the takeover provisions of the Companies Act 2015.

"MSV is awaiting completion of the registration process by the RBF," Mr Thomas said.

He said pending various regulatory approvals being obtained from RBF, the Reserve Bank of Vanuatu and the South Pacific Stock Exchange (SPSE), the company had requested SPSE (and received approval) to lift the voluntary suspension of trading which had been in place since January 5, 2018.








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