FEA shares divestment
21 October, 2016, 12:00 am
THE process of divesting Government shares in the Fiji Electricity Authority (FEA) is going as planned.
CEO Hasmuhk Patel said the corporatisation of FEA was needed to “bring in more players who could do a better job”.
“Historically in other countries public utility companies are state-owned — over the years it has been privatised. This is to benefit Fiji in the long term, there are skills transfers and the public are able to buy shares,” Mr Patel said.
He made the comments after being questioned by the Public Accounts Standing committee on why Government was selling its shares when the company was performing well.
The privatisation of FEA is part of a restructure announced by the Attorney-General Aiyaz Sayed-Khaiyum back in 2010, which will result in some form of partial privatisation, including the divestment of government shares.