Business

Unit Trust sells off $2.37m FMF shares

The Unit Trust of Fiji (Unit Trust) on Monday sold three million shares in FMF Food Limited (FMF), a public company listed on the South Pacific Stock Exchange (SPSE). FMF today announced there had been a substantial change in shareholding for the company.  Unit Trust sold the shares for a consideration of $2.37 million, at a share […]

Peni Shute

March 17, 2016 2:00 pm

The Unit Trust of Fiji (Unit Trust) on Monday sold three million shares in FMF Food Limited (FMF), a public company listed on the South Pacific Stock Exchange (SPSE).

FMF today announced there had been a substantial change in shareholding for the company.  Unit Trust sold the shares for a consideration of $2.37 million, at a share price of 79 cents per share.

The sale means Unit Trust’s voting power in FMF decreases from 5.46% to 3.46%.   Unit Trust doesn’t have any representation on the FMF board.

SPSE Chief Executive Officer, Ms Latileta Qoro told Newswire the buyer was BSP Life.

It really is just an ordinary sale…at a prevailing market price at 79 cents, so it wasn’t in favour of either party. It was very transparent on the market and the prevailing market price.

FMF currently has 150 million shares on SPSE, valuing the company at $118.5m.  Questions have been sent to Unit Trust.

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