The Fiji Sugar Corporation has dramatically reduced its debt from $486 million to $285 million since 31 May 2023, by converting its Government debt of $200 million into equity.
In a media conference, Minister Responsible for Sugar, Charan Jeath Singh said the comprehensive restructure of its Balance Sheet, underscores the Ministry’s commitment to achieving financial stability and flexibility.
Singh said it is imperative to highlight that these financial obligations primarily constitute legacy debts, and their successful reduction marks a pivotal step towards bolstering the Corporation’s financial viability.
“Complementing these debt management efforts, FSC has also taken a comprehensive inventory of its properties and facilities, carefully divesting underperforming assets to alleviate the loan obligations further.”
“These strategic financial moves highlight FSC’s dedication to prudent fiscal management and responsibility,” he added.
The Minister said that in the last five years, FSC has spent $70 million towards the upkeep of its ageing mills, ensuring their smooth operation with minimal disruption.
He said that their commitment to excellence extends to targeted investments in the sugar mills to enhance reliability and maximise output.
