WALESI Fiji Ltd informed the Public Accounts Committee (PAC) that it is now waiting for future strategic directions from its new board of directors to address issues of liquidity, profitability and solvency positions of the company.
This is stated in the PAC review report of the Audit Reports on Public Enterprises and Other Entities for the audit year ending from 2019-2020 and 2021-2022 that was tabled in Parliament on Thursday.
PAC had queried the company if it could provide an update with the breakdown of the $125million that was given by the government and utilised by the company.
“As of 31st December 2022, Walesi has received a grant of $109.95m. Fixed assets cost $52.95m, inventory cost $21.16m and operating cost of $35.84m,” said the company.
“The company has a newly appointed chairman and Board of Directors. The future direction of the company is subject to strategic direction and priorities of the shareholders (Government of Fiji).
“The Ministry of Communications has commissioned a technical review of Walesi’s operations, and the report is expected to be presented soon. The company envisage that this will determine the prospects of Walesi.”
PAC recommended the company develop viable strategies to improve the profitability of the company while waiting for the expected review report on the company’s operations.
