The future of the Fiji Sugar Corporation now lies in the hands of its shareholders and major decisions are expected to be made in the weeks ahead on how to make the FSC financially stable and viable.
Yesterday, the Board of South Pacific Stock Exchange resolved that trading in Fiji Sugar Corporation will now be suspended until further notice.
The SPSE decided to suspend trading in FSC shares to ensure that the interest of all investors and shareholders are protected.
Chief executive, Jinita Prasad the suspension comes in light of the fact that FSC does not have a sufficient level of working capital.
One of the requirements of the SPSE Listing Rules is for listed companies to have at least 12 months working capital.
This rule aims to provide investors and shareholders with certain safeguards with their investment.
She added that the Exchange will contact FSC to establish the direction in which the company is headed in order to ascertain the next steps to be taken.
FSC Acting CEO John Prasad told Fijivillage this morning that major decisions on the future direction of the Corporation is expected soon.
Suspension of trading in FSC shares will be lifted as soon as the SPSE considers that FSC has become compliant with the SPSE Listing Rules.
The Fiji government and the Fiji National Provident Fund are the major shareholders in the FSC.
The Government of Fiji holds 30,239,160 shares while the FNPF has 7,810,806.
Others who hold significant shares in the FSC include Fijian Holdings Ltd, Unit Trust of Fiji, Colonial Mutual Life Assurance Society Ltd and the Sugar Cane Growers Council.
Story by: Paradise Tabucala/Roneel Lal
Feature
FSC trading suspended by SPSE
