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FEA Privatisation By The End Of 2017: A-G

FEA Privatisation By The End Of 2017: A-G
July 07
11:00 2017

The privatisation or demutualisation of shares for Fiji Electricity Authority will happen by the end of this year.

This was confirmed by the Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum at FEA Kinoya Depo during a talanoa session with the FEA staff members.

He said: “FEA is currently not a company but a statutory body.

“We have to go through the legal process to make it a company and divest the shares but we have also made a public announcement that we would like to have a certain percentage of the shares given as shares to all FEA account holders in Fiji.”

The Attorney-General also said that at this stage they were not sure as to how many shares each holder will get.

“This is dependent on the level of bill that they are paying.  Anyone who is an account holder, based on the bill that they pay, they will get a certain amount of shares and they actually become shareholders in the company,” Mr Sayed-Khaiyum said.

“This needs to be further matured and we are going through the processes at the moment.”

He also confirmed that Government was looking for partners who would bring value to the company.

“Partners who may already have very good experience in renewable energy…who have access to technology that we don’t currently have in Fiji.

“In that way, if we are able to generate electricity at a lower cost, it increases your profit line.

“So, for all shareholders, their share value will go up too.”

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