Fiji Holdings sets up two units in PNG

ONE of Fiji’s major investment companies, Fijian Holdings Ltd (FHL), is spreading its wings across the Pacific to PNG.
The company, which celebrated its silver jubilee last year with the motto “growing beyond Fiji”,  has set up two companies in PNG, Pasifika Holdings Ltd (PHL) and Pasifika Finance Ltd (PFL), and expects to export  cement and cement products to PNG by next month.
The two companies are FHL’s first wholly-owned overseas subsidiaries in its 25-year history, according to Fiji Live news service.
FHL managing director Sereana Qoro was quoted as saying: “It is critical for FHL to look beyond Fiji for future growth while maintaining our investment portfolio in Fiji.”
“FHL will continue to explore investment opportunities in Fiji as well as in other Pacific countries in order to create sustainable and consistent value for our shareholders,” she added.
PHL will focus on trading and possible acquisitions in PNG while PFL will be applying for a licenced credit institution status with the Bank of PNG.
FHL Group senior manager Josese Daveta has been appointed manager Pacific operations and will be based in Port Moresby to oversee the PNG operations.
The company already has an indirect presence in PNG through its equity holdings in television company, EMTV, via Fiji TV.
The group owns the Fiji Sun daily newspaper.
The group is a major player in the Fiji economy with investments in property, tourism, building and construction, media, finance and insurance and telecommunications. Most of its shareholding is held by provincial councils.
Its total assets is  valued at F$299.9 million (K452 million) and liabilities at F$133 million, (K200 million) according to its 2009 annual report.
It recorded an after-tax profit of F$$9.7  million(K750 million) last year, up from F$12.9 million (K19 million) the previous year.
Total group revenue was a staggering F$213m (K321 million) from F$111.43 million (K168 million) in 2008.
Since inception in 1984, the company had  so far paid out F$59m (K882 million) in dividends including the 20 cents/share for last year.
Group chairman Isoa Kaloumaira revealed the Pacific expansion plan in the 2009 annual report.
“The Pacific expansion strategy has been implemented through two major subsidiaries in the Group.
“The real challenge in the next 12 months and beyond is to grow in the Pacific region in and through other subsidiaries within the group.”