Business

Acquisition – Vodafone Fiji Becomes 100% Locally-owned

Fiji national provident fund buys out Group Shares, relationship maintained RACHNA LAL suva The Fiji National Provident fund has purchased Vodafone’s entire 49 per cent stake in Vodafone Fiji Limited.
02 Jul 2014 10:23

Fiji national provident fund buys out Group Shares, relationship maintained

FNPF chief executive, Aisake Taito.

RACHNA LAL
suva
The Fiji National Provident fund has purchased Vodafone’s entire 49 per cent stake in Vodafone Fiji Limited.
Despite this new ownership structure, Vodafone Fiji is understood to maintain its relationship with Vodafone Group for propriety services and branding under a Partner Market Agreement.
This takes the fund’s direct and indirect ownership in Vodafone Fiji to 79 per cent.
Amalgamated Telecom Holdings Limited directly owns the remaining 51 per cent shareholding in Vodafone Fiji.
FNPF’s direct investment in Vodafone Fiji is expected to provide a stronger platform to map strategies for the entire ATH Group. This would allow the realisation of synergies to ensure returns to members are maximised.

Diversification
FNPF chief executive, Aisake Taito, described the investment as part of the fund’s move to diversify its investment portfolio.
He said: “The purchase will allow FNPF members to directly realise the benefits from Vodafone Fiji’s strong financial performance through a higher dividend share.”
The fund said Fiji’s mobile telephony market is competitive and mature with mobile penetration around 110 per cent.
“Vodafone Fiji continues to strengthen its competitive advantage with continued investments to further upgrade its mobile network infrastructure, expand 3G broadband accessibility to 95 per cent of Fiji’s population and upgrade into 4G technology,” it said.

Leader in market
“The investment strategically places Vodafone Fiji, as the leader in the expanding mobile data segment of the market.”
FNPF expects Vodafone growth in the data segment to be recognized to members in the form of increased returns.
Feedback: rachnal@fijisun.com




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