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Fiji Pine Group becomes debt free

 

Apr 09, 2021 02:10:17 PM

Fiji Pine Group becomes debt free Fiji Pine Group is completely debt free after making a lump sum payment of $2.2 million to fully settle the $12 million loan taken from the Fijian government in the 1990s.

Board Chairman Ratu Wiliame Katonivere said this is a great achievement as the Group was never in this position before.

He said he is extremely proud of his management and employees through whose efforts they managed to clear their debts and become a financially sustainable organisation.

“With the sound leadership and advice of the Group CEO, Vimlesh Kumar and his senior management, the Pine Group is excelling.”

“It is important to note that this has been achieved at a time when the Group is going through many challenges brought about by COVID and the recent natural disasters. This has been the real test of capacity for my management team.”

Ratu Wiliame said despite challenges imposed by the COVID-19 pandemic, the Group continues to support all its stakeholders and to drive much needed economic activity.

He said they continued with capital upgrades with over $6m invested last year and further upgrades worth over $16m is being planned for this year.

“All these upgrades are part of our business diversification plans and making our business future proof. These upgrades will further enhance the forest sustainability drive that we have through value added product manufacturing.”

By Reginald Chandar


 

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Last updated 13th October 2021

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