Aitken Spence expands Fiji operations

6 November 2015 03:23 am

Acquires 20% stake in Fiji Ports Corp. for Rs.2.3bn

Blue chip conglomerate Aitken Spence PLC has acquired 20 percent equity stake in the Fijian government’s Fiji Ports Corporation Ltd (FPCL) which manages all ports in the pacific nation, for FJ$ 34.6 million (approximately Rs.2.3 billion).

Aitken Spence formed a conglomerate with Fiji National Provident Fund and submitted a bid to acquire 59 percent of FPCL for FJ$ 99.12 million, or approximately US$50 million, which was accepted by the Fijian government.

The government had invited expressions of interest under a state enterprise divestment programme.

FPCL provides marine and navigation services, port infrastructure development and maintenance, security and International Ship and Port Facility Security (ISPS), management of local wharves and wharfage services. 

Additionally, FPCL manages the ports sector and administers tariffs in all major ports of Fiji and through its fully owned subsidiary Fiji Ships and Heavy Industries Limited provides ship repair services. 

It also has a 49 percent shareholding in the port terminal operator Fiji Ports Terminal Ltd, where Aitken Spence PLC has a 51 percent shareholding.

Aitken Spence entered into the first ever public private partnership abroad by a Sri Lankan company when it acquired a controlling shareholding in Fiji Ports Terminals Ltd in 2013 and signed a 15 year concession agreement to manage Suva and Lautoka international ports in Fiji.

An Aitken Spence press statement said that the Fijian government is keen to make the country the gateway port hub in the Pacific, and Aitken Spence will be providing the expertise and technical know-how to realize the vision of the Fijian Government.