16 Nov 2010

Sale of Fiji Sugar Corporation assets could help with financial woes

1:24 pm on 16 November 2010

Fiji's interim Trade and Commerce Minister Aiyaz Sayed-Khaiyum says selling unused assets belonging to the Fiji Sugar Corporation will help the business recover from its financial difficulties.

The FSC is advertising the sale of vacant land in Lautoka, as well as seeking tenders for the transportation of cane from farms to the mills.

Mr Sayed-Khaiyum says a recommendation from a study on the FSC by Deloitte New Zealand suggests non-performing assets should be sold.

"The sale obviously would be beneficial to FSC which has not been financially well. Financially it has been sick for a number of years. And what this Bainimarama government is trying to do is to bring about some financial rationalisation, so we can have a company that can run well. So if a company runs well, which is the only milling processing in the country for our sugar industry, then obviously the sugar industry can do well. That is the bottom line."

Aiyaz Sayed-Khaiyum says the Government is also selling Government Printing and is seeking private sector investors for Post Fiji.