Government Inject $3million To Drua
The Swire Shipping Fijian Drua was boosted with another $3 million yesterday for the 2023 Super Rugby Pacific season.
Thursday 01 September 2022 | 19:30
The Swire Shipping Fijian Drua was boosted with another $3 million yesterday for the 2023 Super Rugby Pacific season.
Minister for Economy Aiyaz Sayed-Khaiyum made the announcement and signing yesterday as part of the Fijian Government’s $6m investment to buy 51 per cent of the Fijian Drua’s shareholding rights. The first $3m was paid out in April.
The signing of the Shareholders Agreement between Counter Ruck PTE LTD and the Fijian Government means the remaining $3m will be injected into the Drua.
“For the Super Rugby Pacific, the Fijian Government will invest $6 million for 51 per cent shareholding with Counter Ruck PTE Limited (CRPL) established by the Fiji Rugby Union trust board to own and operate the Fijian Drua,” Sayed- Khaiyum said.
“April 28, 2022, the parties entered the Fijian Government agreed to acquire 51 per cent shareholding in the company with a total investment of $6 million.
“On the same day, Fijian Government paid to see CRPL the first investment in the sum of $3 million of 255 ordinary shares at $11,764.70 per share.
“I’m highlighting all of this because it is tax payer’s funds, like you would like to know exactly how the money has been spent.”
“The Fijian Government acquired additional 255 shares with some $3 million, which is what we’ll be doing today (yesterday) in the current financial year, bringing the total shares held in CRLP to 510 shares of 51 per cent shareholding of CRPL.
Swire Shipping Fijian Drua’s interim chief executive officer, Brian Thorburn, said: “It was really important to us to have the equity of the cash in the bank, to be able to operate this enterprise.
“For example, we will have gym equipment set up at our base in Nadi: we’ve got ongoing expenses and costs and demonstrate to New Zealand rugby that there is enough in the bank to sustain us through rainy days.
“It’s wonderful! Our first season was heavily disrupted having to base ourselves in Australia, play our games in Australia and got very poor crowds.
“We incurred severe expenses, but we demonstrated with our two games that we brought back to Fiji the potential and love the Fijians have for this team.
“So, we really are looking forward to playing many more games here now. We’ve got a series of matches locked in for this coming season.
Thorburn declined to give specific dates, but he assured that Fijian Drua matches here would be against the Blues, Crusaders, Rebels, Hurricanes, Moana Pasifika and the Reds.
The Swire Shipping Fijian Drua has also assigned a new forwards coach, replacing Jason Ryan, this will be announced later. .
Feedback: sereana.salalo@fijisun.com.fj
