Govt grant of $50 million was a contributing factor to FSC’s profit – Clark
FSC sells over $25 million worth of unproductive assets to ensure viability

Govt grant of $50 million was a contributing factor to FSC’s profit – Clark

FSC sells over $25 million worth of unproductive assets to ensure viability

By Dhanjay Deo
Friday 15/01/2021
CEO of the Fiji Sugar Corporation, Graham Clark

The CEO of the Fiji Sugar Corporation, Graham Clark says the $50 million government grant was a contributing factor to the FSC’s profit of $21.9 million in the last financial year.

Clark says operational gains and cost reduction in all areas also contributed to the profit.

When questioned whether the FSC will be able to operate as a viable entity without government support, Clark says FSC only relies on the existing government guarantees and will continue to operate normally.

Clark also confirms the FSC defaulted repayments of two bonds in 2019 totaling $25 million to the Fiji National Provident Fund and this sum had to be paid by government who guaranteed the loan.

When questioned, Clark says this was due to cash constraints and their debt re-structuring which is underway will resolve this.

The Chairman of the FSC, Vishnu Mohan has also revealed that to further reform FSC’s balance sheet, improve liquidity and ensure FSC’s ongoing viability, the Corporation resorted to selling unproductive land and properties through an open tender process.

He says this initiative has been positive with proceeds from sales totalling $25.93 million in the last financial year.

8830479955bb5a31d8cad9a44963e6

Mohan also confirms the conversion of government loans totalling $173.8 million to shares in FSC has been approved and the acquisition of minority shares is underway.

According to the FSC, this is part of the ongoing debt re-structure and capital optimization.

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Fiji continues to be affected by COVID-19
Contact tracing continues for most parts of Suva and Nausori. Mon 19th Apr Tue 20th Apr Wed 21st Apr Thu 22nd Apr Sat 24th Apr Sun ...
19 hours ago

Parliament passes proposed electoral law requiring people to use their birth certificate name to be registered as a voter
Bill also passed where any agency which receives applications or submissions will only be required to accept the name of an applicant as it appears on their birth certificate
6 days ago

258,000 people lived under the Basic Needs Poverty Line according to the 2019-20 Household Income and Expenditure Survey
Survey says almost one in five school aged children in Fiji are educationally deprived
14 days ago
FEATURE NEWS
All students will progress to the next level in the next academic year
All students will progress to the next level in the next academic year which will have four school terms. Minister for Education Premila Kumar says...
11 hours ago
LATEST NEWS
Vaccination programme for children deferred to 4th Oct to synchronise the vaccination deployment effort with the digital platform support
The Ministry of Health and Medical Services confirms the COVID-19 vaccination programme for children has been deferred to Monday 4th October 2021 to ...
10 hours ago

United States provides US $19.8 million to launch PROJECT Governance
The United States of America, through USAID has partnered with SPC to launch a new activity called Promoting Just, Engaged, Civic-minded and ...
10 hours ago

Education Ministry says 4,669 staff of the Ministry are now fully vaccinated
The Education Ministry says as of 24th September, 4,669 staff of the Ministry are now fully vaccinated while 8,524 staff have received their first ...
10 hours ago

Pastor seeks forgiveness after demolishing and removing Hindu God’s idol in Lautoka
Pastor Rajesh Goundar of El-Shaddai Assemblies Of God Church in Wairabetia, Lautoka is seeking forgiveness from those who have been hurt by his ...
11 hours ago

Curfew to start from 10pm tomorrow - PM
Prime Minister, Voreqe Bainimarama has confirmed with 70 percent of adults now fully vaccinated in Fiji, the curfew hours will be 10pm to 4am from ...
11 hours ago

TOP