Walesi Fiji Ltd has informed the Public Accounts Committee (PAC) that it is currently awaiting strategic guidance from its newly appointed board of directors to tackle challenges related to the company’s liquidity, profitability, and solvency. This information was included in the PAC’s review report on the Audit Reports concerning Public Enterprises and Other Entities for the audit years ending in 2019-2020 and 2021-2022, which was presented in Parliament on Thursday.
PAC inquired whether the company could provide an update on how the $125 million allocated by the government has been utilized. As of December 31, 2022, Walesi reported that it has received a grant totaling $109.95 million. The costs were broken down as follows: fixed assets amounted to $52.95 million, inventory costs were $21.16 million, and operating expenses stood at $35.84 million.
The company has recently appointed a new chairman and Board of Directors. The future directions of Walesi will depend on the strategic priorities set forth by its shareholders, which include the Government of Fiji. The Ministry of Communications has initiated a technical review of Walesi’s operations, with the findings expected to be released soon, as the company hopes this will help assess its future prospects.
PAC has recommended that the company formulate effective strategies to enhance its profitability while it awaits the forthcoming review report on its operations.