Fiji Dairy Limited has been bought by Ba based company Southern Cross Foods Limited for $10 million.
Attorney General Aiyaz Sayed-Khaiyum made the announcement and says the company will hold 80% of the shares, while the 20% will remain with the farmers.
Sayed-Khaiyum said Southern Cross Foods which is a subsidiary of CJ Patel Limited will also take over the entire debt portfolio of Fiji Dairy Limited which is approximately $7 million.
Sayed-Khaiyum said Southern Cross Foods already has a 350-acre farm in Waidina which they intend to develop with 150 cows from next year.
The new company will also need to set up chilling plants in Ba and Lautoka in four months time which will give farmers in the Western Division the opportunity to be able to supply milk.
Meanwhile, Fiji Dairy Limited Chair Adrian Sofield said they received 16 expressions of interest which was narrowed down to 2 with Tappoos competing with Southern Cross Foods Limited.
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