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The Fiji Electricity Authority (FEA) is now known as the Energy Fiji Limited (EFL).
Unveiling the new name and its corporatisation, Minister for Public Enterprise, Aiyaz Sayed-Khaiyum said corporatisation of FEA means the new company now has a capital structure and shares which are wholly owned by the government.
Sayed-Khaiyum said the new name shows a new era of EFL and the work they will do from now on wards.
He said the corporatisation of EFL will not affect its staff.
“Corporatisation 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 corporatisation, 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 this means that eligible Fijians who are EFL customers will be given a chance to become a shareholder in the 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-subsidised customers will be offered one parcel of 150 shares.”
He said low-income households will be the biggest beneficiaries from this corporatisation.
Sayed-Khaiyum says once domestic customers obtain shares, they will be able to sell it as they plan to list EFL on the South Pacific Stock Exchange.
He said the 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 said that the offer period will open this Friday and will close at 4pm on the 29th of next month.
He reiterated that those who are not connected to the grid, will soon be connected and will also have shares available for them.
SOURCE: FBC NEWS/PACNEWS
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