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Voluntary suspension

Manasa Kalouniviti
Friday, February 23, 2018

FIJICARE Insurance Ltd (FIL) requested and was given approval by the South Pacific Stock Exchange (SPSE) for a voluntary suspension in the trading of its shares.

The FIL board of directors had requested the suspension in view of the proposed acquisition of a majority shareholding in FIL by Mount Sophia Ventures (Fiji) Ltd and is effective immediately until further notice.

FIL had also updated SPSE on the potential share purchase and said the target statement was expected to be lodged with Reserve Bank of Fiji (RBF) later yesterday.

The target statement accompanied by the Independent Expert's Report and any other inclusions required by the RBF would be released to the shareholders at a later date immediately after registration by the RBF.

"As part of a later market announcement today, FIL expects to release the Bidder's Statement which has been registered by the RBF.

"The same will be available on the SPSE and FIL websites respectively for the information of the shareholders," SPSE chief executive officer Krishika Narayan said.

She said since the proposed sale transaction was still in process, it was important to suspend trading in FIL shares again to maintain an orderly market and to avoid ill-informed and speculative trading in FIL shares.

"According to Section 7.6 of the SPSE Listing Rules, a listed company may seek a voluntary suspension in trading of its shares where the company feels that suspension in trading is required to protect the interest of its shareholders and to maintain an orderly market," Ms Narayan said.

The voluntary suspension in FIL shares would continue until such time the company requests for the suspension to be uplifted.

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