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Fiji Sun

Business

Looking back at major

December 31
12:18 2012

JANUARY

  • Government sold its Fiji TV shares in order to diversify its portfolio and liquidate its assets. Hari Punja & Sons acquired Government’s 14 per cent shares.
  • Pioneer of Virgin coconut oil industry in Fiji, Adrian Tarte CBE (Commander of the order of the British Empire) passed away. He will always be remembered for creating this industry from basically nothing.

FEBRUARY

  • BRED Bank (Fiji) Limited was issued a banking licence by the Reserve Bank of Fiji.  Bred Bank (Fiji) will be part of the French banking group BCPE, the second largest banking group in France.
  • Air Pacific signed deal with Rolls-Royce to buy engines with US$210 million to power Air Pacific’s three new Airbus A330-200 aircrafts.

MARCH

  • Amalgamated Telecom Holdings Limited purchased 49 per cent shareholding in FINTEL from Britain’s Cable & Wireless Communications Plc (CWC) for a consideration of $81.6 million. ATH already manages Government’s 51 per cent shareholding in FINTEL.
  • Government changed its ownership and control criteria for airline companies registered in Fiji which ultimately reduced the power Qantas has on Air Pacific.  The introduction of the Civil Aviation (Ownership and Control of National Airlines) Decree 2012, took away the veto and supermajority rights Qantas had in Air Pacific matters as 46.3 per cent shareholder.

APRIL

  • Airports (Development and Modernisation) Decree 2012 implemented as part of Government effort to upgrade and modernise Nadi International Airport as a viable commercial entity.
  • Vanua Levu opened its doors to export pine woodchips directly from Bua.  After 15 years of delay in the chipping operation, Prime Minister Commodore Voreqe Bainimarama commissioned the opening of the Wairiki Pine Chip Mill in Bua.

MAY

  • Fiji Audio Visual Commission was renamed Film Fiji in a bid to create a brand name that was modern and savvy. The name change was part of a market drive approach that is effective and competitive for promoting Fiji as a premier filmmaking destination.
  • Air Pacific announced that the national airline would be returning to its former name of Fiji Airways.  The branding is in line with Government’s agenda of utilising and capitalising the Fijian brand and will see the airline closely aligned with the proud Fijian heritage.

JUNE

  • First bauxite shipment left for China from our shores in Bua. The shipment would bring in revenue of around $20 million.
  • Australian company, Amex Resources Limited received its mining licence from the Government.  The company is expected to extract close to $150 million worth of iron ore from the Ba River, Government says this will have more than one benefit.
  • Air Pacific recorded $16.5 million profit for year ended March 31, 2012 compared to an operating loss of $3.7 million for previous financial year and its biggest ever operating loss of $91.8 million two years ago.  They demonstrated clearly that a change in management can overcome all odds and do wonders for any company.

JULY

  • Cabinet approved the sale of Fiji Dairy Limited to Southern Cross Foods Limited for $10 million. SC Foods would also take up the debt portfolio of approximately $17 million. The sale is expected to grow our dairy industry improve efficiency and meet local demand.
  • Fijian Holdings Limited Group made its largest acquisition in its 28 years of operations acquiring South Sea Cruises for $62.57 million. It divested 100 per cent of Blue Lagoon Cruises to South Sea Cruises valued at $12.57 million before acquiring South Sea Cruises.

AUGUST

  • Fiji’s tourism industry converged on Musket Cove Resort to farewell our tourism pioneer, Dick Smith.  The tourism pioneer, who first recognised the potential of cruising yachts here, was laid to rest at his beloved Musket Cove on Malololailai Island in the Mamanucas.
  • Air Pacific unveiled new logo for Fiji Airways. The brandmark is a symbol of a masi design signifying Fiji’s rich culture, tradition and the multicultural society we live in.
  • Inter Island Airways (Fiji) Limited was awarded 11 licences by Civil Aviation Authority of Fiji Licencing Board to service the our domestic airline market.
  • Government conducted the settlement of share transfer of Fiji Dairy Limited to Southern Cross Foods Limited making the company the official new owners of Fiji Dairy. SC Foods is a subsidiary of CJ Patel Group.

SEPTEMBER

  • Coca Cola Amatil (Fiji) Limited bought into Foster’s Group Pacific Limited which saw South Pacific Stock Exchange’s largest transaction performed by Coca Cola Amatil who bought 89.59 per cent shareholding held by Foster’s Australia under Foster’s Group Pacific. The total amount traded was $108.63 million.
  • The US$150 million (FJ$268 million) Nadarivatu Hydroelectric Scheme was commissioned by Prime Minister Commodore Voreqe Bainimarama which was a milestone achievement for Government in terms of infrastructure and utility development.  The Nadarivatu Hydroelectric scheme is the second largest hydroelectric scheme in Fiji after Monasavu.  It is hoped to assist the authority in moving closer to its mission of achieving 90 per cent of electricity generation through renewable energy sources by 2015.

NOVEMBER

  • BRED Bank (Fiji) Limited opened its doors in Fiji. This was after almost two decades for a new bank to start up from ‘scratch’. The flagship branch in MHCC, Suva, was opened by the Governor of the Reserve Bank of Fiji, Barry Whiteside.
  • Foster’s Group Pacific Limited – a household name, was renamed to Paradise Beverages (Fiji) Limited by the majority shareholder, Coca Cola Amatil (Fiji) Limited.

DECEMBER

  • Work on phase one of the Vuda Marina expansion and superyacht facility development commenced. The end result of this substantial investment over the next four yeas will see the creation of a 12-acre man-made island with superyacht facility.

 

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you said it
"I support it 200 percent, I am with FRU, the country and the people of Fiji. We want to bid to get one of the HSBC stops in Fiji."
Waisale Serevi
Sevens Legend
December 2012
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