The Government has endorsed an additional $20 million guarantee for the Pacific Fishing Company Limited (PAFCO) as the Levuka-based fish processor restructures its operations following the departure of its major customer, Bumble Bee, in July this year.
Cabinet’s decision will bring the total Government guarantee ceiling for PAFCO to approximately $31.3 million, including an existing $11.3 million guarantee.
The additional financial backing is intended to strengthen the company’s working capital, increase production capacity and support planned upgrades to its fish-processing plant and equipment.
It will also help PAFCO improve compliance with international food safety and quality standards as the company seeks to establish new markets.
PAFCO, which is 99.6 per cent Government-owned, operates its main processing facility in Levuka, Ovalau.
The company employs between approximately 870 and more than 1,000 workers, depending on operational requirements, with women accounting for more than 70 per cent of its workforce.
The departure of Bumble Bee in July 2026 has prompted PAFCO to pursue a more diversified business model to reduce its dependence on a single major customer.
As part of this transition, the company is shifting its focus towards canned seafood production while continuing its tuna-loining operations.
The strategy is aimed at expanding its product range and securing new customers in both domestic and international markets.
The planned upgrades are also expected to strengthen PAFCO’s ability to meet international processing and food safety requirements, which are essential for accessing export markets.
The company’s continued operations are particularly important to Levuka and the wider Ovalau economy, where PAFCO provides employment for hundreds of workers.
The additional Government guarantee is intended to support PAFCO’s financial and operational transition as it works to strengthen production and establish a more sustainable business model.
A Government guarantee provides financial backing for the company’s borrowing obligations rather than an immediate direct cash payment.
The Cabinet endorsement comes as PAFCO seeks to reposition itself in the seafood processing industry following the loss of its major customer earlier this year.
