SUNBIZ

Dividends From State-owned Entities Jumps To $17.1 million

Government received $17.1 million from state-owned enterprises in the form of dividends the past year. This was a 249 per cent increase when compared with 2013 figures. The acting Permanent
09 Mar 2015 10:56
Dividends From State-owned Entities Jumps To $17.1 million

Government received $17.1 million from state-owned enterprises in the form of dividends the past year. This was a 249 per cent increase when compared with 2013 figures.

The acting Permanent Secretary for Public Enterprises, Shaheen Ali, revealed these figures to the Parliamentary Standing Committee on Economic Affairs.

Mr Ali said this was a big increase compared to the previous years where $3.8 million was received in 2013 and $3.9 million in 2012.

He further highlighted that the number of entities making profits significantly increased from nine in 2011 to 15 in 2014, equating a total increase of 67 per cent.

“This is attributed to the reforms implemented, strengthening of board and better monitoring oversight of entities,” he said.

 

2015 projections

Government has put a number of state-owned enterprises on the market to divest shares or form public private partnerships and some are on the market for sale.

Mr Ali said for this year, the anticipated collection from investing revenue in the sale and divestment projects has been forecast at $509.7 million.

“It should be noted that divestment is an important project, however, it is not only undertaken with the aim to earn revenue, to bring about reforms and efficiency,” he said.

“Furthermore, it is about creating strategic partnership that can inject into the company or operation new cutting edge management style, new technology and a new outlook.”

Mr Ali confirmed for a number of projects, updated valuations have been completed and discussions are currently being held with potential investors.

 

Government objectives

Mr Ali said Government’s objectives will continue with the modernisation of Fiji’s seaports and airports including the development of specialised facilities.

This, he said will be included with the aim to increase profitability, efficiencies and productivity.

“Also increase investment in major or critical infrastructure that would improve service delivery, enhancement of management and technical skills,” he said.

Mr Ali said Government will ensure the introduction of top-of-class processes and systems, develop and promote Fiji as regional hub.

Feedback: rachnal@fijisun.com.fj

 




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