Business

FHL invests $6.7m into Tropik Wood agreement

By ELLEN STOLZ Fijian Holdings Limited (FHL) yesterday announced an investment funding agreement was signed with Tropik Wood Industries Limited, a subsidiary of Fiji Pine Limited. FHL has provided a
05 Oct 2012 09:40

By ELLEN STOLZ

Fijian Holdings Limited (FHL) yesterday announced an investment funding agreement was signed with Tropik Wood Industries Limited, a subsidiary of Fiji Pine Limited.
FHL has provided a five-year investment facility of $6.7 million to Tropik Wood Industries Ltd at a fixed rate of return.
Chairman of Fijian Holdings Ltd Iowane Naiveli said: “This is a new landscape for FHL as this is the first time we have made an investment of this nature. We are privileged to be associated with Tropik Wood Industries Ltd on this transaction.”
The investment facility will be used by Fiji Pine Group to fund the acquisition of chipping equipment at Wairiki Plant and loan is secured on these newly acquired assets.
The investment will ensure profitable operation of pine chipping at the Wairiki facility.
Executive chairman of Fiji Pine Group Ltd Faiz Khan said: “We are thankful to the FHL team for the provision of a complex transaction of this nature within a short period of time at a competitive rate.
“The benefits will flow down to the people of Bua and Macuata through much more profitable operations at the Wairiki wood chip facility.
“We have recently developed the wood chip stocking, conveying and ship loading facilities at the site and with the current investment, we are acquiring the chipping plant through which we get 100 per cent control of the Wairiki Woodchip Facility.”
The transaction was structured in-house by FHL team and supported by the executive team at Tropik Wood Industries while two leading legal firms provided legal advice.




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