Investment rehabilitation is currently underway with the assets of the Fiji National Provident Fund.
Chief Executive Aisake Taito said this includes the Natadola Hotel Development, the Momi Bay Hotel Development as well as the Grand Pacific Hotel in Suva.
Taito said the strategic direction of the review is to correct the value of the investments in the Fund's books, to rehabilitate non-performing assets and also put the portfolio on new growth path.
With regards to the Natadola Development, Taito revealed that in May of this year, the Club Villas were opened and they are now in discussions with NLTB to work out a new leasing arrangement for residential lots.
He said the discussions with NLTB would ensure that there are maximum returns for both the landowners and the Fund.
With regards to the Momi Bay development, Taito said that they are now focusing overseas for expressions of interest for the sale or joint venture to complete stage 1 of Hotel Development.
He added that by the end of next month then will be able to determine their next step as expressions close on the 27th of August.
However for the GPH in Suva, talks are currently underway with an overseas investor and Taito said that it is too early to release any more details.
Taito stressed that while the Fund had to write down of $327 million in assets, earlier last month the Fund credited five percent interest to member’s accounts totaling $121.30 million.
Story by: Paradise Tabucala
