Fosters buys out FHL shares

The Fosters Group Limited has today bought out Fijian Holdings Limited's 29% shares in the Fosters Group.

Director Ross Shaw said the trade involved the special crossing of more than 3 million shares from Fosters Group shares from Fijian Holdings to Fosters Australia, at $13.26 per share.

He added this values Fijian Holdings shareholding at around $40 million and thus increases Fosters ownership interest in Fosters Group Pacific Limited to 89.6%.

The purchase will mean Jaoji Koroi and Sereana Qoro, representatives of FHL on the Fosters Group Pacific Board of Directors, will step down from their roles, and Fosters intends to appoint an independent director to appropriately represent the interests of the remaining local minority investors in FGPL.

The settlement of the transaction will take place tomorrow.