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FSC Chief: No Intention To Sell Penang Mill

The Fiji Sugar Corporation (FSC) has no intention of selling the Penang Mill to any individual or businesses as the project would not be viable. That was the word from
31 Mar 2017 10:40
FSC Chief: No Intention To Sell Penang Mill
Fiji Sugar Corporation chief executive officer Graham Clark.

The Fiji Sugar Corporation (FSC) has no intention of selling the Penang Mill to any individual or businesses as the project would not be viable.

That was the word from the chief executive officer of FSC Graham Clark yesterday.

Mr Clark’s response was on questions posed to him after reports that Rakiraki businessman George Shiu Raj was willing to buy the damaged Penang Mill.

Mr Clark said firstly Mr Shiu Raj did not have to go to the media to make his intentions known.

“He was present during our meeting we had in Rakiraki last week and he never mentioned anything,” Mr Clark said.

He added that this was probably because FSC had not made the announcement yet.

“Selling Penang Mill is not what we want as it would not be financially viable,” he said.

FSC, following their board meeting last week, where the announcement was made to close the Penang Mill, stated that the cost to repair and bring the mill back to crushing cane would be between $40-$50 million.

“However if someone makes an offer then I would have to present it to the FSC board for their decision.”

Mr Clark said FSC did not have any reserve price on the sale of the Penang Mill and reiterated the venture would not be viable.

“Rather than get caught up in trying to sell the mill, we are concentrating more on the transportation and supply of sugar cane to the Rarawai Mill from Rakiraki.

“We are trying to streamline the transportation process to give a viable future for the growers of Rakiraki.

“So really George (Shiu Raj) should have engaged with us rather than the media and we could have given him an answer,” Mr Clark said.

Edited by Ranoba Baoa

Feedback:  charles.chambers@fijisun.com.fj

 

 

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