Fiji Sugar Corporation Sells

The Fiji Sugar Corporation (FSC) is planning the commercial utilisation of nearly 1000 acres of its land.

The corporation has called on expressions of interest for a joint venture participation and for the outright sale of those surplus acres of land.

The decision followed discussions between the Fiji Sugar Corporation Limited and the Minister for Multi-Ethnic Affairs & Sugar Industry, Charan Jeath Singh, on Sunday.

The 30 properties identified are at Lautoka City, Waqadra, Navo, and Malolo in Nadi, Momi Bay, Cuvu (Sigatoka), Ba, Tavua, RakiRaki, and Labasa. Nearly all the properties are freehold.

Corporation chairman, Nitya Reddy, said the properties were sought-after pieces of real estate in the country, with unlimited potential for development, for hospitality, medical, retirement, and light commercial sectors.

“Except for Waqadra (Nadi), they are all non-agricultural,” he said.

“It will help mitigate the current critical shortage of 5000 rooms in the tourism sector and usher in a new wave of revenue, employment, and dividends.”

International Market

Each location holds strategic value, combining appeal in flora and fauna, ocean views, proximity to key tourist destinations, international air, and seaport.

“The plan is being advertised locally and internationally through newspapers, social media, foreign embassies, and trade investment outlets and is targeted to specific high-net-worth businesses and individuals,” Mr Reddy said.

The corporation is aiming for a mass injection of additional capital to get out of its financial mega mess of collapsing mills and low production.

It has suffered from nearly two decades of crippling uninterrupted losses with debts of $400 million.

“The spectre of losses will continue for another decade unless we resource it properly and urgently,” Mr Reddy said.

He said the joint venture model ensure the corporation retained strategic ownership and control of its assets, at the same time harnessing much-needed seed capital from prospective investors.

“This is the largest single divestment in the history of Fiji, and we will ensure that the entire process is conducted with the highest levels of transparency, accountability, and probity,” Mr Reddy said.

“Government, as the sole owner, will make the final decisions.”

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