Fiji Sugar Corporation has said it has made a policy decision that no property will be sold to any outsiders unless there are “compelling and justifiable circumstances.”
FSC Chairman Nitya Reddy said in the last two years, it has sold only two properties, one each to the Sugar Cane Growers Fund and South Pacific Fertiliser Limited.
Mr Reddy added if properties are to be sold to non-sugar actors, then prior approval will be sought from the government.
“Any such divestment will have to meet the test of public interest, particularly the interests and benefits of the industry stakeholders,” said Mr Reddy.
“FSC assets will not be monetised for the maximisation of private profits, as has been the case in the past.”
“In 2019/20, FSC sold 9 of its most valuable freehold and state land properties, many of which were located within highly commercial urban precincts, totalling 633 acres, to private interest groups and large institutional organisations at an average price of $101 per square metre.”
“Included in that was nearly 10 acres of land and valuable port infrastructure, disposed of at a low value of only $50 per square metre.”
Mr Reddy states FSC remains committed to the prudent management of its land holdings, ensuring that any decision to divest surplus assets is made in the best interests of the growers, employees, and the broader sugar-growing community.
“All Board decisions are taken following due process, rigorous valuation, and full disclosure to the shareholders and relevant Ministers.”
