PNG interests acquire Fiji’s Pearl Resort

National, Normal

The National, Wednesday 29th August, 2012

THE Mineral Resources Development Company (MRDC) this month made a significant investment in Fiji through the purchase of an iconic resort toget­her with an 18-hole golf course.
The purchase of the Pearl South Pacific Resort for K34 million was made together with landowner company, Petroleum Resources Kutubu.
The Pearl South Pacific Resort includes the hotel business, a golf course and apartments from Pacific Harbour Enterprises Ltd.
It boasts nearly 200 acres and offers guests the majesty of a tropical island environment with uniquely-designed suites and exceptional service standards.
Located on the beachfront on what is Fiji’s longest white sandy beach, the resort is just 40 minutes drive from Suva and two hours drive from Nadi International Airport.
Speaking at the acquisition ceremony a fortnight back, Finance Minister James Marape said the investment was done to cement the existing business relations PNG had with Fiji.
“Investing in each other’s countries is perhaps one of the most encouraging signs for inter-regional trade in the Pacific Islands,” he said.
“As in PNG with the approaching liquefied natural gas project,
the mineral resources boom has the potential to transform the investment climate in the Pacific Islands – from a traditional model of foreign direct investment driven from outside the region to one that is generated from within the region.
“This investment is a continuation of this development and one that PNG and Fiji can mutually benefit from.”
MRDC chairman Simon Tosali said it was MRDC’s job to advice landow­ners to invest so they put the wealth from their resources to good use so that the benefits keep coming even when the oil and gas have gone.
PRK chairman John Kapi Natto said: “PRK owns the third largest share in Bank South Pacific, it acquired
50% of Hevilift and is now in a joint venture with MRDC through which it owns 50% of the Pearl South Pacific Resort.
“I am so proud and happy for what MRDC has done. It was not a mistake coming to Fiji.”