FSC announces land utilisation plan

March 4, 2024 10:26 am

[File Photo]

The Fiji Sugar Corporation has announced plans for the commercial utilisation of nearly 1000 acres of its land at all mills.

The 30 properties identified are at Lautoka City, Waqadra, Navo, and Malolo in Nadi, Momi Bay, Cuvu in Sigatoka, Ba, Tavua, Rakiraki, and Labasa and nearly all of them are freehold.

FSC Chair, Nitya Reddy, says an Expression of Interest has been called for both joint venture participation and also outright sale of those that are surplus to its requirements and not considered necessary for FSC’s long-term strategic development.

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Reddy emphasises that these are some of the finest and most sought-after pieces of real estate in the country, with unlimited potential for development, particularly for the hospitality, medical, retirement, and light commercial sectors.

FSC Chair, Nitya Reddy

Except for Waqadra, Reddy says they are all non-agricultural.

He adds it will help mitigate the current critical shortage of 5000 rooms in the tourism sector and usher in a new wave of revenue, employment, and dividends.

The plan is being advertised locally and internationally and is targeted to specific high-net-worth businesses and individuals.

Reddy says FSC needs a massive injection of additional capital to get out of its financial mega mess of collapsing mills and low production.

He adds the Corporation has suffered from nearly two decades of crippling uninterrupted losses with debts of $400 million.

He says the spectre of losses will continue for another decade unless they resource it properly and urgently.

He stresses that the joint venture model will look at all options, ensuring that FSC retains strategic ownership and control of its assets while at the same time harnessing much-needed seed capital from prospective investors.

Reddy says this is the largest single divestment in the history of Fiji, and they will ensure that the entire process is conducted with the highest levels of transparency, accountability, and probity.

He stresses they will not allow the process to be ambushed by unethical jackals who are driven solely by their own profit interests.

Reddy says the government, as the sole owner, will make the final decision and ensure that the test of public benefit remains paramount and fully demonstrable.