FEA to divest shares

REGISTERED domestic account holders of Fiji Electricity Authority will be given free shares as part of the divestment of the authority’s shares.

Attorney-General and Economy Minister Aiyaz Sayed-Khaiyum said this in Parliament yesterday while responding to National Federation Party (NFP) leader and Opposition MP Professor Biman Prasad’s question on the progress and plans to offer the authority’s shares to its domestic account holders.

He said both prepaid and postpaid customers would be provided this opportunity. Mr Sayed-Khaiyum said this would enhance them in participating in the capital market.

He also said that Government would hold 51 per cent of shares while 49 per cent would be distributed among domestic account holders, divestment opportunities and a trust fund.

“The Fijian Government will hold the majority of the shares which is 51 per cent. In one year’s time, there will be another few hundred account holders while in two years’ time, there will be thousands more so we are looking to hold a certain amount in trust for a period of time until all these people actually come online so that they can also be given shares.

Mr Sayed-Khaiyum also stressed that there was no rush to sell the FEA shares as they needed the best people for it.

“We need to get the best people and we don’t mind holding on to those shares until we get the best people, we are not in a hurry to sell it all off,” he said.

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