The Fiji Sugar Corporation (FSC) has introduced a new policy that prohibits the sale of its properties to outsiders without “compelling and justifiable circumstances.” Chairman Nitya Reddy elaborated that the corporation has only sold two properties in the last two years, to the Sugar Cane Growers Fund and South Pacific Fertiliser Limited. Future sales to non-sugar businesses will require government approval to ensure they align with the public interest and benefit industry stakeholders.
Reddy emphasized that assets will not be leveraged for private profit, referencing past decisions when FSC sold nine valuable properties in 2019/20, totaling 633 acres, predominantly to private entities at a fraction of their worth. This history underscores FSC’s commitment to managing its resources more prudently moving forward.
The policy reflects FSC’s dedication to ensuring that any divestitures serve the best interests of sugar growers, employees, and the sugar community at large. All decisions will undergo thorough evaluation and transparency with shareholders and relevant ministers.
This proactive approach by the FSC signals a commitment to sustainably manage its resources while protecting the interests of its stakeholders, fostering a more resilient sugar industry in Fiji.
Additionally, reflecting on FSC’s recent financial performance, despite challenges such as a 15% decline in cane production due to adverse weather, the corporation has seen a 12% rise in sales revenue and improved profitability. This indicates a promising outlook as the sugar sector navigates its complexities. The commitment to stringent asset management and the pursuit of strategic growth positions FSC favorably for future challenges and opportunities, reaffirming its role as a cornerstone of Fiji’s economy.
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