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.