Vodafone sells entire stake in Fijian subsidiary

Vodafone sells entire stake in Fijian subsidiary

The UK’s Vodafone Group has reportedly sold its entire 49% stake in Vodafone Fiji to the Fiji National Provident Fund (FNPF).

The stake has been sold for a cash consideration of approximately FJ$160 million ($87.14 million) and brings FNPF’s direct and indirect ownership in Vodafone Fiji to 79%.

Asiake Taito, CEO at FNPF, told local reporters that the investment was part of the fund’s strategy to diversify its portfolio.

Taito said that the he expects the acquisition to allow FNPF members to directly realise the benefits of Vodafone Fiji’s strong financial performance through a higher dividend share.

Vodafone said it will continue to have a presence in Fiji via a number of partnership agreements.

Fiji held a 4G spectrum auction in June last year which reportedly raised more than $5 million and saw Digicel Fiji secure the maximum allocation of 30MHz.