FNPF positive on moving forward on BeMobile

Publish date/time: 07/08/2013 [17:01]

FNPF said it remains positive that parties involved in the BeMobile share subscription agreement would explore all alternative structures going forward.

In a FNPF statement, Chairman Ajith Kodagoda confirms that the BeMobile share subscription agreement was not completed as certain conditions critical to the achievement of the business plan projections were not met.

Kodagoda said that as custodians of members’ funds, the Board is mindful of its duties to protect and grow members’ savings and will always act in their best interest at all times.

He said FNPF has recommenced talks with the Independent Public Business Corporation (IPBC) of PNG.

The Post Courier had reported that Vodafone Fiji has backed out of the deal with BeMobile due to differences over the use of a contractor to rollout the new infrastructure.

The joint-venture agreement would have seen Vodafone Fiji manage BeMobile’s telecommunications system and the PNG government’s IPBC would own 51% share equity while the Fiji National Provident Fund could have 40%. 

Vodafone Fiji Managing Director, Aslam Khan had said he will not make any comments.                                             
Story by: Sofaia Koroitanoa