Basic Industries Joins SPSE By End of This Year

 In breaking news

Fijian Holdings Limited has three subsidiary companies currently listed on the South Pacific Stock Exchange.

And by the end of this year, Basic Industries will join the three subsidiaries and become a public company.

FHL Group CEO Nouzab Fareed said: “We are a good corporate citizen and we’re very serious about capital markets in this country. We always feel it is very important to make a company public so that our democracy will be a share-owning democracy. It’s very important for everybody to become an owner of large companies.”

Basic Industries Limited is a joint venture between Vinod Patel and FHL.

It manufactures concrete, blocks and aggregates.

And Basic Humes, a division under Basic Industries, is one of the largest manufacturers of precast in the world, according to Fareed.

In the last 12-18 months, FHL introduced two new divisions in Basic Industries: Basic Humes and Basic Construction.

Over the last 18 months, Basic Humes had completed 6 buildings.

The company had also completed 8 government small-scale buildings and a recent $4.9m school project out of Suva.

FHL also plans to make Pacific Cement Limited a division under Basic Industries, once the regulators have given their clearance.

“A true value of a company is measured in the market space. That’s why a public company is much valuable compared to a private company,” said Fareed.

Fareed said the company is looking at a few sites to build 50 to 100 homes, where people can select the lot and Basic Humes will be assigned to build the kind of house they want.

Merchant Finance will be listed on the stock exchange mid next year while other FHL subsidiaries will follow.


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