9 Mar 2005

Fiji government sells off its shares in Daily Post newspaper

11:16 am on 9 March 2005

The Fiji government has decided to sell its 46% shares in the Daily Post newspaper to the lowest bidder.

The financial details have not been disclosed but shares will go to the Belmont Trading Company of Australia.

Belmont has owned 49% of the Post since December last year when it bought shares previously held by the Colonial National bank and the Unit Trust of Fiji.

Belmont did not meet the government's tender requirements of having previous newspaper experience but was awarded the state shares because it already owned 49%.

It will immediately buy 5% of the shares to give it a controlling interest in the Post and the balance over a 5-year period.

Local bids to buy the Daily Post were made by the Fiji Sun newspaper and trading companies C J Patel and Vinod Patel.