SUNBIZ

FSC AGM Next Month

The Fiji Sugar Corporation will release its audited financial reports for the past three years during its annual general meeting scheduled to be held next month. Executive chairman, Abdul Khan,
24 Apr 2015 10:59
FSC AGM Next Month

The Fiji Sugar Corporation will release its audited financial reports for the past three years during its annual general meeting scheduled to be held next month.

Executive chairman, Abdul Khan, confirmed the organisation’s intention to hold its annual general meeting in the latter part of next month.

“At this stage, the main agenda items will be the annual reports (2012, 2013 and 2014) and the appointment of directors,” he said.

This is expected to be the first AGM which Fiji Sugar corporation will hold in four years.

There is expectation that Government will propose to buy out the minority shareholders in FSC.

Currently, Government owns 68 per cent shares in FSC with the rest owned by institutions and private stakeholders.

However, most of the funds injected in FSC has been done by Government alone.

In 2011, FSC had recorded a loss of $36.5 million which, Mr Khan said was significantly less than that declared the year prior in 2010 where the loss was in access of $175 million.

Since then, Government has injected millions of dollars with the introduction of various incentives and policies to boost the industry and improve cane production.

Mr Khan said the reason these financials had not been released earlier was because of talks of a likely Decree at the time.

“We held back the reports so that the position of the various stakeholders was not compromised,” he said.

 

The industry

Meanwhile, Mr Khan confirmed they are exploring the opportunity to retail packaged raw sugar to Australia, USA and New Zealand.

He said they are also looking at exporting raw sugar in bulk to the United Arab Emirates, Malaysia, Japan and the USA.

“We are also looking at exporting up to 8000mt to Korea from now till August,” he said.

In terms of sugar prices, Mr Khan said: “We are still getting a premium over the world sugar price.”

He said in the past year, they exported close to 200,000mt of sugar.

In terms of the mills, Mr Khan said they are into their maintenance period.

“All the four mills are progressing well in ensuring that the mills are ready for the coming cane processing season being June and July.”

Feedback: rachnal@fijisun.com.fj

 




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