Fiji Pine Limited has paid off a $1.6 million loan taken from the Fiji National Provident Fund.
Company Chairman Ratu Tevita Uluilakeba Mara confirmed that the loan matured in July 2009 however due to poor cash flow position of the Company, a one year extension was taken.
The loan was guaranteed by the Government.
Ratu Tevita said that the current debt level of Fiji Pine Limited is a major concern and the poor business performance and negligence of previous management was the reason for Company not being able to service its debt repayments.
He said this resulted in significant interest penalties charged to the Company by the lenders.
Ratu Tevita addds that the poor Cash flow position of the Company has been limiting the Company's progress in the past and the Current Board and Management have already carried out various restructure with the view to improve business performance and to ensure long term sustainability of the Pine Industry.
The Chairman said this significant repayment is a major step forward towards this.
Story by: Roneel Lal
Fiji Pine Limited pays off a $1.6m loan taken from FNPF
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