Coca-Cola Amatil Fiji buys 89% shares in Fosters Group

Publish date/time: 07/09/2012 [14:59]

The largest transaction in the history of the South Pacific Stock Exchange has been witnessed today with Coca-Cola Amatil Fiji Limited buying 89.59 percent of the shares in Fosters Group Pacific Limited.

The total amount paid was $108,636,250 for 9.325 million shares.

Stock Exchange chief executive officer Jinita Prasad said stock exchange rules and Reserve Bank of Fiji regulations ensured that the deal was executed in a transparent manner and interest of minority shareholders was given paramount importance.

Prasad said since this trade has been effected as a special crossing transaction at a price of $11.65 a share, the last trade price for Fosters Group Pacific remains at $13.14.

There are also changes to the board of Fosters Pacific after the transaction.

Alfred Chan has resigned as secretary and he has been replaced by Vinish Singh.

Gardner Whiteside and Cecil Browne, who are independent directors, and Anthony Scanlan remain on the board.

John Murphy, Nessa O’Sullivan and George Forster are the new board members.

Story by: Vijay Narayan