2 Nov 2006

Fiji's Cabinet approves transfer of Seawater Hatchery to Navua Holdings Limited

8:54 am on 2 November 2006

Fiji's Cabinet has approved the transfer of the management of the Seawater Hatchery at Galoa to Navua Holdings Limited or NHL.

The Fiji Times reports that the decision was made following a recommendation from Fisheries and Forest Minister Ilaitia Tuisese.

NHL was the joint venture company between the Fiji Investment Corporation and other shareholders of Navua Holdings.

The hatchery was established as a Government initiative in 1998, to serve as the springboard in the development of the prawn industry.

Mr Tuisese says to date, the government has spent over a million US dollars in Galoa without any financial gain or successful commercial production of post-larvae.

He says the entrustment of management rights of the hatchery to NHL would see the commercialisation of the hatchery and the re-genesis of the prawn industry.