EFL prepares for partial privatisation
3 December, 2018, 5:28 am
ENERGY Fiji Limited (EFL) is preparing for a partial privatisation to attract a suitable and strategic partner to meet Fiji’s growing energy needs, its 2017 annual report revealed.
And EFL chairperson Daksesh Patel said that in order to identify a partner that was credible, technically competent and financially sound, the Ministry of Public Enterprises had appointed the accounting firm of Ernst & Young and the legal firm of Squire Patton Boggs to undertake this exercise as transaction advisors.
Mr Patel said the ministry had also been working jointly with EFL and those transaction advisors to prepare for the corporatisation of EFL.
“Next year, we anticipate the partial divestment will take place, where 49 per cent of the Government’s shares in FEA (now EFL) will be made available for sale,” he said in the report.