NEWS

Top Help Selling Govt Shares

The Government is getting help from major international financial institutions as it prepares to sell shares in four state-owned enterprises. Attorney-General and Minister for Public Enterprises Aiyaz Sayed-Khaiyum confirmed last
30 Jan 2015 11:16
Top Help Selling Govt Shares
The Attorney-General and Minister for Public Enterprises, Aiyaz Sayed-Khaiyum (middle), and the Permanent Secretary for Public Enterprises, Shaheen Ali (second from right), with a delegation from the Asian Development Bank in Suva yesterday. Photo: Ministry of Public Enterprises

The Government is getting help from major international financial institutions as it prepares to sell shares in four state-owned enterprises.

Attorney-General and Minister for Public Enterprises Aiyaz Sayed-Khaiyum confirmed last night that he yesterday discussed help from the Asian Development Bank,

The involvement of the ADB would ensure the people of Fiji got best price for the shares and best practice was followed in the process, he said.

A strong specialist delegation from the Asian Development Bank met with Mr Sayed-Khaiyum in Suva.

Mr Sayed-Khaiyum said: “Contrary to the claims of our opponents, we have a credible and detailed plan – already well advanced – to extract the maximum benefit from these assets for the Fijian people.

“They are the ultimate stakeholders and with this partnership with the ADB and with other institutions such as World Bank and International Finance Corporation, every Fijian can be assured that the divestment process will be carried out to international best practice and provide maximum economic benefits for Fiji and all Fijians.”

The divestment of Government shares in various state owned enterprises was announced in the 2015 budget.

Those on the list include Fiji Electricity Authority, Fiji Ports Corporation Limited, Government Printery and Airports Fiji Limited.

The talks between ADB and Mr Sayed-Khaiyum are also indicative of the renewed engagement between the Fijian Government and ADB.

Mr Sayed-Khaiyum said that they also had discussions in respect of updating laws pertaining to public enterprises.

He said: “We have had this reform on our radar and we have carried some preliminary work in this respect and now with the full engagement, we hope to have legal reforms implemented at the soonest.

“Of course, it is not just about changing specific laws but to provide the right and conducive environment. For example, the RBF will soon be putting in place a Secured Transactions Reform Taskforce which essentially will look at improving the legal framework for using moveable property as collateral for loans.”

It is expected that the specialist ADB team will again meet the Public Enterprise officials today.

A tri-lateral meeting will be held subsequently between the Fijian Government, ADB and World Bank/ International Finance Corporation.

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