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Not a debt to equity swap of loan: FNPF


Jul 08, 2022 06:26:23 PM

Not a debt to equity swap of loan: FNPF Fiji National Provident Fund chief executive Viliame Vodonaivalu says the investment of $93.1 million in Fiji Airways for a 30.02 per cent stake is not a debt-to-equity swap of the commercial loan that the airline took from the Fund several years ago.

Vodonaivalu in a media conference today said the shares were acquired following a new capital raising by Fiji Airways and the loan continues to run its full term with the conditions being followed to the latter; while this is a new capital injection into the national carrier.

He said in addition to the hotels that FNPF currently owns, the investment in shares is part of a larger effort to capture the travel component of the tourist value chain.

“Fiji Airways has long been on our list of potential Equity investment and we recognize this as an opportunity and also believe that our investment would be fully recovered.”

“Fiji Airways serves as a gateway to Fiji and is a vital national asset. Apart from the obvious tourism synergies, it offers a strong return potential in terms of both interest income and capital appreciation.”

“Fiji Airways also facilitates additional investment options such as medical tourism, aged-care, and commercial agriculture operations for export, while also collaborating with FNPF's considerable hotel network.”

He said they are enthusiastic about this collaboration and all it has to offer and FNPF members have received $92 million in interest from their current lending agreement with Fiji Airways to date.

“Now that we hold shares, our members will benefit from the airline's profits in this post-pandemic expansion period.”

By Reginald Chandar


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