SUNBIZ

FijiCare Insurance Limited Sale With Capital Insurance Group To Be Ceased Urges Major Shareholders

Further to the market announcement dated August 28, FijiCare Insurance Limited (FIL) has been advised by its majority shareholders (Aequi Libria Insurance Broker Associates Limited, Stronghold Investment Inc and Peter
23 Nov 2015 13:20
FijiCare Insurance Limited Sale With Capital Insurance Group To Be Ceased Urges Major Shareholders

Further to the market announcement dated August 28, FijiCare Insurance Limited (FIL) has been advised by its majority shareholders (Aequi Libria Insurance Broker Associates Limited, Stronghold Investment Inc and Peter McPherson) that all discussions and negotiations with Capital Insurance Group (CIG) in respect of the possible sale of their share to CIG have ceased.
The majority shareholders pointed out the CIG had done extensive due diligence on FIL using PwC as professional advisors.
The due diligence has not brought up any significant adverse findings. The external shareholders were led to believe by CIG management until very recently that the matter was to be tabled for CIG ratification on November 19.
Whether CIG’s Board actually deliberated on the matter is not known.
Accordingly, FIL’s shareholding will remain unchanged.
The Board will also remain unchanged, comprising Carl Philipp Thomas (Non-Executive chairman), Tukana Bovoro (Independent Director) and Peter McPherson (Managing Director).
Mr McPherson will continue to lead FIL’s strong management team and staff in pursuing its strategy of expansion in Fiji and the Pacific Islands.
FIL’s operations will continue unchanged with the normal high level of service to its customers and other stakeholders.
For clarity, FIL will have no association via significant common shareholding or other business relationship with CIG or its Fiji subsidiary, Dominion Insurance Limited.
A further market announcement in respect of FIL’s year-to-date financial results and other matters in expected to be made to the SPSE within the next two weeks.

Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: