Fiji: New Zealand-based Fletcher Building has agreed to sell its 50% stake in construction firm Higgins Holdings Fiji to Fiji National Provident Fund (FNPF) and Fijian Holdings for US$12.3m. BusinessDesk News has reported that the parties expect to complete the deal by early July 2024. The transaction includes a non-cash impairment of US$9.2m on the business.
Fletcher Building’s acting CEO Nick Traber said "We believe the partnership positions the business well to continue to play an important role in Fiji, focused on infrastructure development.”
FNPF CEO Viliame Vodonaivalu said “This co-investment not only diversifies our investment portfolio, but also creates mutual benefits for the fund in complementing our unlisted property portfolio and development pipeline. We are proud to collaborate with Fletcher, a longstanding leader in Fiji’s construction sector since 1971, renowned for their quality and dependable services. With a workforce of 700 Fijians, Fletcher stands as the largest construction company in Fiji, highlighting their corporate strength and reliability in the industry.”
