SUNBIZ

Chugoku EPCO to Appoint Three New Nominees on EFL Board

Chugoku Electric Power Co., Inc. (Chugoku EPCO) will nominate three new board members to the Energy Fiji Limited (EFL) board. Chugoku EPCO and the Japan Bank for International Cooperation (“JBIC”)
27 Apr 2021 11:00
Chugoku EPCO to Appoint Three New Nominees on EFL Board

Chugoku Electric Power Co., Inc. (Chugoku EPCO) will nominate three new board members to the Energy Fiji Limited (EFL) board.

Chugoku EPCO and the Japan Bank for International Cooperation (“JBIC”) in March signed a share sale agreement for the acquisition of 44 per cent stake in EFL.

This was via a special purpose company newly established in Singapore (Sevens Pacific Pte. Ltd.)

Currently there are seven board members of which three will be represented by Sevens Pacific Pte. Ltd.

This new agreement will also strengthen the long-standing friendship Fiji and Japan share.

EFL chief executive officer Hasmukh Patel said he would not make a statement on the matter.

Queries sent to the EFL communications team remained unanswered when this edition went to press.

However it is understood that an announcement will be made very soon regarding the board appointments.

 

About EFL board appointments
The EFL website stated that EFL was established, incorporated and constituted under the provisions of the Electricity Act of 1966 and began operating from the 1st August of that year.

“The Board Members of the Energy Fiji Limited are appointed by the Government.

“The Chief Executive Officer is an ex-officio Member and is responsible to the Members for the Authority’s management and for the execution of its policies,” the website said.

 

Background
The Fijian Government has entered into an agreement under which a consortium, namely Sevens Pacific Pte. Limited, owned by Chugoku Electric Power Company (“CEPCO”) and the Japan Bank for International Cooperation (“JBIC”) will acquire a 44 per cent shareholding in Energy Fiji Limited (“EFL”).

The investment by Chugoku EPCO and JBIC is the culmination of an exhaustive process to identify a highly experienced and credentialed international utility to acquire a shareholding in EFL.

It was a critical objective of any transaction that the investor not only offers a financial investment to Fiji, but contributes deep operational expertise and experience in electricity generation and networks.

Chugoku EPCO’s exceptional track record as an international, integrated electricity utility made them the ideal candidate for the divestment.

 

Strategic shareholders
According to the company with CEPCO and JBIC as strategic shareholders, EFL will have the ability to:
– tap into world-leading operational expertise,
– project delivery experience,
– technology and
– financial capacity to support the company in meeting the growing electricity demands of the nation and its renewable energy targets, while also providing reliable, renewable and affordable electricity to all Fijians.

 

Feedback: maraia.vula@fijisun.com.fj



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