The Fiji Sugar Corporation will put in place plans and follow due process to delist from the South Pacific Stock Exchange.

In a market announcement FSC CEO John Prasad said this follows a decision by the shareholders to delist from the Stock Exchange during the Annual General Meeting held earlier this week.

Prasad said the shareholders noted that the current financial predicament has resulted in the suspension of shares given FSC's inability to continue to meet its working capital.

He also stated that shareholders also raised concerns on the current state of milling efficiency.

It was noted during the meeting Government has already injected significant amount of funds to the industry and maintains its commitment to turning the industry around.

Prasad revealed that the FSC will continue to put in place various strategies to improve milling efficiency and address cane production and harvesting and transport issues that are currently being faced by the growers.

He said the strategies are in line with the various recommendations from the Deloitte Report which Government and FSC board had endorsed, adding various reviews will take place on FSC's business process to improve productivity and align it to world=s best practice.


Story by: Ana Naisoro