FHL partners with Pernix to salvage PNG investment

Fijian Holdings Limited (FHL) has divested its wholly own subsidiary in PNG, Basic industries (PNG) Ltd on 31 March 2016 for a consideration of $674,979.07 (1million kina) to Pernix PNG Ltd. 

In the process of divesting, FHL has made an additional  $4,049,874.45 (6million kina) investment in Pernix PNG Ltd.

Pernix PNG Ltd, a joint venture between Pernix Group of USA and  FHL is a newly incorporated company with plans to make inroads in to Energy and construction sector in PNG.

Group Chief Executive, Nouzab Fareed said an assurance was made to the FHL shareholders.

We made an assurance to FHL shareholders at the last AGM that we would do best to turnaround PNG operation, if not, we will ensure it will be divested before 30 June 2016.

Basic industries (PNG) Ltd was commenced in late 2010 and has an accumulated loss of more than $5,399,832.60 (8million kina).

Pending shareholder agreement between the 3 parties, the additional funds will be treated as shareholder deposit in Pernix PNG.

At present, FHL owns a 21% stake in Pernix Fiji Ltd.

The President of Pernix Group, Nidal Zayed, said that the partnership between Pernix and FHL is now extending from Fiji to PNG and will eventually lead to partnership in Pernix operations throughout the Pacific Rim.

Mr. Zayed who had made several visits to PNG said that he is very confident about the PNG economy for the people of Papua New Guinea and contribute to its economy through local partnership and participation.

Pernix is honoured to be a bridge between the people of Fiji and PNG to share ownership of the company with local company with local enterprises and shareholders. Together we can drive growth not only in Fiji and PNG but throughout the Pacific Rim.

Mr. Zayed thanked CEO Nauzab Fareed, Chairman Naiveli, shareholders, board, management and entire FHL team for their confidence in Pernix and he said good days are ahead for both the parties.