#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: South Pacific Stock Exchange suspends FSC trading to protect shareholders

Thursday, October 7, 2010

South Pacific Stock Exchange suspends FSC trading to protect shareholders

The South Pacific Stock Exchange has suspended all trading in the Fiji Sugar Corporation until further notice as it believes the FSC does not have a sufficient level of working capital.

SPSE CEO Jinita Prasad says the decision was made to try and protect investors and shareholders investments. One of the requirements of the SPSE Listing Rules is for listed companies to have at least 12 months working capital and FSC failed to meet this requirement.

She added that the Exchange will contact FSC to establish the direction in which the company is headed in order to ascertain the next steps to be taken.

A list obtained by Coupfourpointfive reveals the following shareholders in FSC. As at 31 May 2009, the twenty largest shareholders held 43,267,016 shares which is equal to 97.45% of the total issued 44,399,998 fully paid shares of 50 cents each:

The Government of Fiji 30,239,160
Fiji National Provident Fund 7,810,806
Fijian Holdings Ltd 3,933,900
Unit Trust of Fiji (Trustee) Co Ltd 374,539
Reddys’ Enterprises Limited 250,120
Colonial Mutual Life Assurance Society Ltd 250,080
Sugar Cane Growers Council  119,401
Robert Lee 98,720
Morris Hedstrom Limited Scholarship Fund Trustees 40,800
Lionel Ding Sun Yee 18,360
Pacific Transport Ltd 18,000
Manohar Lal 15,450
Amraiya Naidu 14,800
Rotuma Development Fund Government Station 14,400
Saimone Lutu 12,120
Fiji Public Service Association-Investments Co-op Ltd 12,000
Johnson Fong 12,000
Joyce Due & Rasmus Due 11,320
Sugar Milling Staff Officers Association 10,800
Heihachiro & Masako 10,240


Fiji Democracy Now said...

The Myfnpf website pointed out that "if by some future miracle the FSC can make a profit of $64 million and distribute NONE of it as dividends, its shares will still be worthless." That should be a huge wake-up call for the sugar farmers.

Jimoni said...

Where is the bludy Minister responsible? The dickhead should be hanged, whoever that is.

Anonymous said...

@ FDN.
Reckon sugar farmers twigged what was going on long ago.

Careful Taukei aren't left holding the bag for others unbelievable incompetence? Hands up all those who believe importing specialist mechanical expertise & labour from India was a masterstroke?

Jake said...

I put ma hand up to that.

Anonymous said...

Hey Jake, what color is the sky on your planet?

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