Ongoing support for Sugar Industry
December 2, 2016 6:05 pm
The government as a majority shareholder in the Fiji Sugar Corporation has made a commitment to support and assist the sugar cane industry in Fiji, given its importance to the economy.
The FSC annual general meeting for the last financial year in Lautoka this week was told that the government’s support was evident through the guarantee of $120m which has been extended to 31st May 2020.
The AGM Chaired by FSC new board Chair Vishnu Mohan was also told that the loans from the Fiji government which aggregates to $173,816,930 have been converted into long term loan in accordance with the repayment agreement.
Corporation shareholders were also told that further accrued interest up to 31st May 2014 was waived by the government.
It was also revealed during the AGM that no further interest has been charged.