6 Oct 2010

Suva exchange suspends trading in Fiji Sugar Corporation

2:32 pm on 6 October 2010

The South Pacific Stock Exchange in Suva has suspended trading in the Fiji Sugar Corporation until further notice.

Reports say the FSC does not have a sufficient level of working capital.

The Exchange's CEO, Jinita Prasad, says the decision was made to provide investors and shareholders with certain safeguards with their investment.

She says the Exchange will contact the FSC to establish the direction in which the company is headed in order to ascertain the next steps to be taken.

This comes only days after key FSC leaders quit the company.

The Fiji sugar industry has been suffering setbacks in recent times and missed out on European Union funding because of the interim regime's failure to adhere to a 2007 agreement it has with Brussels.