Fijian Holdings Limited has divested its 29 percent stake in Fosters Group Pacific, saying it was was not yielding enough returns.
The alcohol-making company is considered a blue-chip stock on the South Pacific Stock Exchange, however, FHL managing director, Sereana Qoro says it was was yielding only 3.3 per cent or just over half a million US dollars a year.
She tells the Fiji Times that the benchmark for FHL investments was a rate of return of 11 per cent.
Mrs Qoro denied the sale was to secure funds for the purchase of BP Southwest Pacific Limited.
In May, when she announced the sale of shares, Mrs Qoro said it was to allow FHL to be free to re-invest funds in new opportunities.
She now says the sale allowed FHL to rid of all its debts and had just over 8 million US dollars sitting in the bank earning interest of about half a million annually.
