After revelations that Fijian Holdings Limited has now expanded and owns its first overseas subsidiaries, the company has also announced investing $3.2 million to set up a new company called FHL Logistics Limited.
FHL Managing Director Sereana Qoro said the new company will look after the group logistical services which are currently handled externally and they are in the final stages of registering the new entity.
The new subsidiary will handle customs, shipping agency, transport and cartage services for the FHL Group and Qoro said these are important for the existing group and is an area where they decided to invest in given its significance and expected returns. FHL Logistics Limited will commence operations from August this year.
It was revealed earlier today, that Fijian Holdings now owns Pasifika Holdings Limited and Pasifika Finance Limited in Papua New Guinea.
Qoro said it is critical for FHL to look beyond Fiji for future growth while maintaining its investment portfolio in Fiji.
Qoro said Pasifika Holdings would focus on trading and possible acquisitions in PNG while Pasifika Finance Limited would be applying for a licensed credit institution status with the Central Bank of PNG.
Senior Manager within the FHL Group, Josese Daveta has been appointed Manager Pacific Operations and will be based in Port Moresby to oversee the operations in PNG.
FHL will commence exporting cement and concrete products to PNG from August 2010.
Story by: Vijay Narayan
