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New World Becomes An Associate Company Of FHL

New World Becomes An Associate Company Of FHL
July 11
14:46 2018

With the recent portfolio restructuring within FHL Group, New World Limited (NWL) has become an associate company of Fijian Holdings Limited.

FHL acquired 15.44 per cent of NWL in early 2000 while a further 4.84 per cent NWL was acquired and placed at Fiji Holdings Unit Trust.

With the consent of all shareholders and clearance from Fiji Commerce and Competition Commission, 4.84 per cent stake was transferred to FHL in June 2018.

With this change, New World  officially becomes an associate company Fijian Holdings Ltd.

New World has been performing well over the years covering the major towns and cities with its retail outlets and IGA supermarkets.

FHL will continue to be the third largest shareholder of NWL and FHL will now account for associate company profits in the group consolidate financials.

Group chief executive officer Nouzab Fareed said the acquisition of additional New World shares will increase the dividend revenue to FHL while expanding the investment portfolio which means increased value for the shareholders of FHL. He added further: “We are glad to be party of premium supermarket chain delivering quality service across the country.”

Source: South Pacific Stock Exchange

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