Govt in no hurry to sell FEA shares - Sayed-Khaiyum

Acting Prime Minister and Minister for Public Enterprises, Aiyaz Sayed-Khaiyum has stressed that they are in no hurry to sell the FEA shares and they need to get the best people for it.

He made these comments after National Federation Party Leader, Professor Biman Prasad asked Sayed Khaiyum to inform them about the progress if any, of plans to offer shares in Fiji Electricity Authority to FEA’s domestic account holders as part of divestment of the Authority’s shares as announced in Parliament in March, 2017.

Sayed-Khaiyum stated that work has been going well.

He also highlighted that ordinary domestic account holders of FEA will be given shares for free by the government to enable them to be able to participate in the capital market.

Sayed-Khaiyum says this will enable them to participate in a sense of identification with a major utility company.

He says at the moment they are looking at 5% shares for this initiative.

Sayed-Khaiyum also told Parliament that some FEA shares will be held in a trust as in future there will more domestic account holders of FEA and this will allow these people to also get shares.         

He says all of these require a lot of work.

SODELPA’s MP, Aseri Radrodro then asked Sayed-Khaiyum whether shares will be given to the Monasavu landowners from the 49% shares that will be divested.

Sayed-Khaiyum responded by saying that the divestment process is progressing well.

NFP’s Biman Prasad then asked Sayed-Khaiyum to define “progressing well” and for him to tell what that “well” is, adding it is not a satisfactory answer from the Minister on a very important question.

Sayed-Khaiyum then told the Parliament that a lot of work is required before the FEA shares can be sold.

Speaking about the Monasavu landowners, Sayed-Khaiyum highlighted that there are 12 landowning units and he understands there is no agreement between them.

He says these landowning units need to have an agreement amongst themselves and they then will be able to assist them through programs and in particular through the i-taukei land development fund.