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FEA corporatized, now EFL

07:57 Tue Apr 17, 2018

Taken from/By: FBC news
Report by: Ana Ravulo

The Fiji Electricity Authority is now known as the Energy Fiji Limited.

While unveiling the new name and its corporatization last night, Minister for Public Enterprise, Aiyaz Sayed-Khaiyum says corporatization of FEA means the company now has a capital structure and shares which are wholly owned by government.

Sayed-Khaiyum says the new name shows a new era of FEA and the work they will do from now onwards.

He says the corporatization of EFL will not affect its staff.

“Corporatization doesn’t mean that any contracts or staff of FEA will be affected. There will be no job losses as a result of this transition and no one will be will be made worse off. What does it mean is this, through this corporatization, the government is now offering five percent of the total shares in EFL to its customers in the form of non-voting shares completely for free.”

Sayed-Khaiyum says eligible Fijians who are EFL customers will be granted a chance to become a shareholder in a billion dollar asset company.

“Specifically, we are offering one parcel of 250 shares to those domestic customers, prepaid customers or post-pay customers who receive a subsidy under the Electricity Subsidy Scheme while non-subsidized customers will be offered one parcel of 150 shares.”

He says low-income households will be the biggest beneficiaries from this corporatization.

Sayed-Khaiyum adds once domestic customers obtain shares, they are able to sell it as they plan to list EFL on the South Pacific Stock Exchange.

He says application forms will be available from next week.

“You can expect to receive an offer letter mailed from EFL with an application from next week, or you can visit the EFL website next week to download and application form. If you cannot access the internet, these forms will also be available at EFL Temporary Customer Care Centres throughout the country.”

Sayed-Khaiyum adds the offer period will open from Friday and close on the 29th of next month.

He also highlighted those who are not connected to the grid, will soon be connected and will also have shares available for them.

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