Tappoo Holdings Limited has acquired 51% shares of Penina Limited from FNPF Investments Limited which is a 100% subsidiary of the Fiji National Provident Fund.
The acquisition price is $17 million, a value that is significantly higher than the initial $5.6 million investment made by FNPF Investments Limited in Penina Limited.
Tappoo Group Chairman, Kanti Tappoo said he is pleased to confirm that both parties reached a commercial arrangement benefitting the interests of both shareholders.
In addition to the $17 million paid to FNPF Investment Limited, Tappoo also takes over the commercial loan worth $37 million.
Tappoo said they have invested significantly in their multi storey department store and the food-court within the Tappoo City complex.
