FEA corporatised; name changes to Energy Fiji Ltd
17 April, 2018, 12:00 am
THE Fiji Electricity Authority has been corporatised and will now be known as Energy Fiji Ltd (EFL).
Minister for Public Enterprises Aiyaz Sayed-Khaiyum said the corporatisation meant the new company, EFL, would have a capital structure and shares wholly owned by Government.
Mr Sayed-Khaiyum said with the corporatisation, no contracts or staff of the FEA would be affected and there would not be any job losses.
“What it does mean is this through this corporatisation, the Fijian Government is now offering five per cent of the total shares in Energy Fiji Limited to EFL customers in the form of non-voting shares, completely for free.”
He said eligible Fijians who were EFL customers would be granted a stake in their energy provider for the very first time.
Mr Sayed-Khaiyum said once you become a shareholder in EFL, you can get dividends. He said there were plans to list the shares on the South Pacific Stock Exchange.