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FHL buys South Sea Cruises

July 18, 2012 5:05 am

Fijian Holdings is taking over South Sea Cruises.

Their plan is to sell Blue Lagoon Cruises to South Sea for $12 million, and then buy the entire company back for $62 million.

South Sea Cruises operates four vessels out of Port Denarau providing resort transfers to the Mananuca and Yasawa Groups.

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FHL Acting Group CEO Nouzab Fareed says the acquisition will place them as market leaders in the cruise sector of tourism.

“For the last 12 years – Blue Lagoon was only able to make a profit for four years – so the rest is just loss making years. We had to restructure. There was no option.”

The initial payment of $10 million has been made.

Another $20 million will be paid within the next 60 days.

The remaining $30 million will be deposited over 7 years.

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