South Pacific Cement, a joint venture between Holcim New Zealand and Fletcher Building Ltd, has sold its 47 per cent stake in Pacific Cement Ltd (PCL) to the Vinod Patel Group.

PCL is a joint venture with Fijian Holdings Ltd (FHL), which holds a 51 per cent stake. The balance of shares is owned publicly. The company was the first cement manufacturer in the country with a production capacity of 0.2Mta.

FHL group chairman, Iowane Naiveli said the Vinod Patel Group had become a strategic partner for FHL in the building and construction sector. "Vinod Patel already owns 49 per cent of Basic Industries Ltd, which they acquired in 2013. We are confident that this new partnership will contribute to achieving growth and expansion," Mr Naiveli said in a statement.