FSC delisted from South Pacific Stock Exchange

The Fiji Sugar Corporation has officially been delisted from the South Pacific Stock Exchange from today however it remained as a public company.

Stock Exchange Chief Executive, Jinita Prasad said that despite being delisted, FSC is still accountable to its shareholders under the provisions of the Companies Act.

FSC had been suspended from trading on 5th October 2010 under Section 7.5 of the SPSE Listing Rules due to insufficient level of working capital and negative net asset situation.

On 27th October 2010, the shareholders unanimously approved a resolution to delist FSC from SPSE at its Annual General Meeting.

Prasad stressed that while FSC is deregistered, the company will not be bound by the SPSE Listing Rules and will have to arrange for an "Over the Counter" facility for existing shareholders to continue trading their shares.


Story by: Paradise Tabucala