EFL plans to list on stock exchange
4 August, 2022, 5:00 pm
Energy Fiji Ltd says its ultimate plan is to list on the South Pacific Stock Exchange after its governance came under the Companies Act.
This is stated in EFL’s 2021 annual report that was tabled in Parliament last week.
The annual report states Fiji Electricity Authority (FEA) was corporatised into Energy Fiji Ltd (EFL) on 16 April 2018, a public company limited by shares, and was registered under the Companies Act.
EFL has also been appointed as the successor entity of FEA.
“One of the key objectives of the corporatisation of FEA is to provide an opportunity for Fijians to share in the economic benefits of FEA and list the newly corporatised entity on the South Pacific Stock Exchange which will promote the development of Fiji’s capital market,” the report stated.
“In March 2017, a new Electricity Act 2017 was passed by Parliament, however, the new Electricity Act 2017 was gazetted on 1st October 2019 and came into effect.
“Energy Fiji Ltd is governed by the Companies Act and no longer under the Public Enterprises Act.
“The ultimate plan is to list the company on the South Pacific Stock Exchange. The annual report states the Fijian Government entered into an agreement in March 2021 under which a consortium, namely Sevens Pacific Pte Ltd, owned by The Chugoku Electric Power Co Inc and Japan Bank for International Cooperation acquired 44 per cent shareholding in Energy Fiji Ltd (24 per cent from Government and 20 per cent from FNPF).
“The investment by CEPCO and JBIC is the culmination of an exhaustive process to identify a highly experienced and credentialed international partner to acquire a stake in EFL.
“It was a critical objective of any transaction that the investor not only offer a financial investment to Fiji, but contribute with their operational expertise and experience in electricity planning and development.”