The government is currently formulating new decrees which will allow the privatization of Rewa Cooperative Dairy Company and bind the new company to purchase milk from listed farmers.
At the Rewa dairy AGM Friday while laying out the restructure plans for the company, Prime Minister Commodore Voreqe Bainimarama said the move will also allow Rewa Dairy to become a public listed entity.
The restructure plan within Rewa dairy will see the operational side being separated from production and the farmers are to form a national cooperative to focus on milk production.
Private investors will be brought in to upgrade the factory in Nabua and the new company will be bound by law to purchase milk from the listed farmers.
Farmers will then be directly assisted through the Ministry of Agriculture and will be provided subsidies to help increase production levels.
Farmers who hold shares will remain shareholders in the company based on the shares they have already paid for.
This will allow government to redirect funds from the reduced milk subsidies to the farmers in various forms of assistance as currently government loses out on $5 million in revenue due to the current subsidies in place.
Govt formulates new decrees for Rewa Dairy
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