SUNBIZ

Fiji Care Insurance Potential Sale Looms In The New Year

The proposed acquisition of leading medical insurance company Fiji Care Insurance Limited (“FIL”) by Avi Raju’s Mount Sophia Ventures (Fiji) Limited (“MSV”) is set to commence in the New Year.
29 Dec 2017 10:33
Fiji Care Insurance  Potential Sale Looms  In The New Year
MIOT International Managing Director Dr.Prithvi Mohandas(left) and MIOT Pacific Hospitals Director Avi Raju duirng the press conference on October 25, 2017. Photo: Vilimoni Vaganalau

The proposed acquisition of leading medical insurance company Fiji Care Insurance Limited (“FIL”) by Avi Raju’s Mount Sophia Ventures (Fiji) Limited (“MSV”) is set to commence in the New Year.

It is understood from sources closely involved in the potential share purchase of FIL that a decision will be made by March.

The proposed transaction is subject to various regulatory approvals including approvals by the Reserve Bank of Fiji (under the Insurance Act and Companies Act), the Reserve Bank of Vanuatu and the South Pacific Stock Exchange.

The acquisition by the majority shareholding in the company will be in accordance with the Takeover provisions of the Companies Act 2015 and subject to certain conditions and regulatory approvals.

MSV had advised that it wishes to acquire between 75 per cent and 80 per cent of the issued shares in FIL, that offers would be made to all shareholders and that should acceptances from shareholders exceed 80 per cent of the total issued shares, individual transactions will be scaled on a pro-rata basis.

The South Pacific Stock Exchange has advised FIL earlier that it has received queries from a small number of FIL shareholders in respect of the application of the scaling.

For clarification, FIL advises that the scaling will apply to acceptances from the major shareholders (Aequi Libria Associates Insurance Broker Limited, Stronghold Investment Inc. and Peter McPherson) on the same pro-rata basis as to acceptances from minority shareholders.

About Avi Raju

Mr Raju is the founder and Managing Director of Mount Sophia Asset Management.

Mount Sophia Asset Management is a Hong Kong domiciled Private Equity Investment Fund with investments in global real estate.

Recently Mr Raju was instrumental in the formation of MIOT Pacific Hospitals, which is a joint venture between BSP Life and MIOT Investments (Fiji) Ltd.

He is a shareholder in MIOT Investments (Fiji) Ltd and a Director of MIOT Pacific Hospitals.

MIOT now operates the former Suva Private Hospital.

Mount Sophia Ventures (Fiji)

Limited plans

MSY plans for FIL to continue as a public company listed on the South Pacific Stock Exchange and does not intend to proceed to a compulsory acquisition of the remaining 20 per cent of shares or any part thereof.

The Bidder’s Statement will be followed by the issuance of a Target Statement by FIL including a recommendation by the Board of FIL (independent director) to shareholders on whether to accept or reject the offer being made by the Bidder.

The Board recommendation will be supported by an Independent Adviser’s Report.

The Bidder’s Statement and/or Target Statement will include detailed information on the fundamentals of the company and its future direction and other changes pursuant to the takeover.

Feedback:  maraia.vula@fijisun.com.fj

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