The Fiji National Provident Fund has entered into an agreement to acquire 25% of Higgins Holdings (Fiji) Pte Ltd from Higgins Group Holdings Limited, a New Zealand entity and fully owned subsidiary of Fletcher Building Limited, listed on the New Zealand and Australian Stock Exchange.

Higgins Group Holdings Limited has sold 50% of its shares in Higgins Holdings (Fiji) Pte Ltd, with FNPF and Fijian Holdings Limited each acquiring 25%. HHFPL includes Fletcher Building (Fiji) Limited, overseeing Fletcher’s construction projects in Fiji under the Fletcher Higgins brand.

FNPF Chief Executive Officer Viliame Vodonaivalu noted the Fund’s history with Fletcher Construction on major projects like the Fiji Marriott Resort at Momi Bay, Sheraton Hotel refurbishment and ongoing Westin Denarau Island Resort & Spa renovation. 

Mr Vodonaivalu highlighted that co-investing with Fletcher and FHL diversifies FNPF’s portfolio, enhancing their property and development initiatives.

Mr Vodonaivalu stated saying that “this co-investment with strategic partners Fletcher and FHL not only diversifies our investment portfolio but also creates mutual benefits for the Fund in complementing our unlisted property portfolio and development pipeline,”

He added that they “are proud to collaborate with Fletcher, a longstanding leader in Fiji’s construction sector since 1971, renowned for their quality and dependable services. With a workforce of 700 Fijians, Fletcher stands as the largest construction company in Fiji, highlighting their corporate strength and reliability in the industry,”

The transaction is anticipated to close by June 2024 pending regulatory approvals, with FNPF expecting it to greatly boost Fiji’s construction sector and infrastructure, yielding substantial returns for its members.