International Marina of the Year, Port Denarau Marina Limited, located on Denarau Island, Nadi, Fiji, to list on the South Pacific Stock Exchange.
This media release is for informational purposes only and is not an offer to sell or a solicitation of an offer to purchase.
The owners of Port Denarau Marina Limited (PDML), Skeggs Group Ltd, are pleased to announce the intention to publicly list Port Denarau Marina on the South Pacific Stock Exchange (SPSE), subject to final SPSE and Reserve Bank approval. Skeggs Group will remain the majority shareholder.
Since the purchase of the marina assets by Skeggs Group Limited in 1999, PDML has been at the forefront of Fiji’s largest industry, tourism. In its most recent financial year, PDML’s Marina on Denarau Island saw some 495,000 tourists, representing over 54% of Fiji’s annual tourist numbers, transiting through our facility. In addition, the Marina had 30 foreign cruise ships visit and welcomed over 400 yachts and 56 Superyachts to our facilities. These numbers have grown steadily over the years and are set to continue on this trend, reflecting the strength of Fiji tourism as well as the importance of Denarau Island, and the Marina in particular, as the “gateway” for marine tourism.
“PDML’s growth is built on a strong board and management team with a track record of success, and decades of collective industry and business experience gained in Fiji and abroad. This has allowed us to build a business that is profitable and very robust, one with an international reputation for excellence. We now wish to share our success with the Fiji public, through a listing on the South Pacific Stock Exchange.
In addition, being listed on SPSE provides PDML with the opportunity to further align interests between the existing shareholder and strategic investors. Being listed will also give PDML the flexibility to raise capital by issuing further shares to fund future expansion plans.”– David Skeggs, Director Skeggs Group Ltd and Chairman Port Denarau Marina Ltd.
In support of our continued growth, PDML has invested significant capital over the years to ensure the Marina facilities are world class in their design, ambience, efficiency and safety. The Marina is independently audited to ensure our operations work in harmony with our marine environment and has been awarded the IMA International Marina of the Year for the previous four years. Recent developments include the Denarau Yacht Club and the reclamation of the foreshore, creating over half an acre of additional space for the installation of an architecturally-designed tent structure to extend the main passenger terminal and check-in facilities.
“We are very excited about the future of the marina and are committed to serving the industry and growing a business that is both profitable and socially responsible, contributing positively to the growth of the Fijian economy. As an integral infrastructure provider to the Fiji Tourism industry it will be great to see Fiji participation in the ownership structure moving forward.”– Nigel Skeggs, Director Port Denarau Marina Ltd.