27 Jul 2004

Fiji's NPF to invest in three hotels

2:33 pm on 27 July 2004

The Fiji National Provident Fund plans to invest nearly 150-million US dollars in three new hotel projects.

The announcement comes after the Reserve Bank of Fiji stopped the Provident Fund from making further investments offshore so more money could be placed locally.

Until now the Fund has been restricted from investing in companies not listed on the South Pacific Stock Exchange and those have not paid a dividend for the last five years.

But the government has approved changes to the Trustees Act to allow the Fund to invest in venture capital of the kind involved in the three new resorts.