Fiji: Carlton started trading its shares under the name Foster's Group Pacific Limited

Carlton Brewery of Fiji started trading its shares on the South Pacific Stock Exchange on June 14 under the name Foster's Group Pacific Limited, Fiji Times posted on June 15. On June 3, the company effected the merger of the businesses previously carried on separately by the Company (under its previous name Carlton Brewery (Fiji) Limited) and South Pacific Distilleries Limited (SPD).

In particular, the company changed its name from Carlton Brewery (Fiji) Limited to Foster's Group Pacific Limited, completed a share split of its existing share capital on a "one into five" basis and acquired all of SPD's assets and liabilities.

New share certificates have been issued to existing shareholders of the company and to minority SPD shareholders, to enable all shareholders to commence trading in the shares of Foster's Group Pacific Limited from yesterday.

A statement from the company yesterday said it is anticipated that the integration of the two businesses in the one entity will result in a number of benefits for the company, and ultimately its shareholders. This is by including better positioning the businesses to compete globally, including in the broader Asia Pacific market and allowing the businesses to operate more efficiently by reducing administrative costs and streamlining systems and processes and strengthening the organisation's position as one of the largest publicly listed companies on the South Pacific Stock Exchange.

In financial terms, the company expected that the acquisition of SPD's assets and liabilities would increase net sales after taxes by approximately 6 per cent and increase earnings after tax by approximately 19 per cent.

The company said shareholders should note that this information regarding the anticipated financial impact of the integration was based on the 2005 full year forecasts for the company and SPD and the company's 2006 full year budget plan, yet to be formally approved by the board.

Whether or not these expectations were met would depend on many factors, including general economic and market conditions beyond the control of the company.

The company could not therefore guarantee that these estimates would be achieved and shareholders should note that this information was provided as an estimate only in accordance with the requirements of the SPSE listing rules.

Chief executive of the South Pacific Stock Exchange Sanjay Sharma yesterday said that Carlton Brewery (Fiji) Limited (CBF) had quoted additional 408,125 shares yesterday. The additional securities were from the CBF share split.

Following the issue and quotation of new shares and the share split approved by CBF shareholders, the total issued and paid-up capital of CBF now stands at 10,408,125.

The current total market capitalisation of the company is $1.2billion.

Carlton Brewery (Fiji) Limited first listed on the South Pacific Stock Exchange on February 11, 1997. CBF was the leading company in manufacturing and sale of beer and ready-to-drink alcoholic beverages. CBF subsidiary companies are South Pacific Distilleries Limited and Samoa Breweries Limited.

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