Tourist Transport Fiji and Feejee Experience will now be merged into one entity with Coral Sun Fiji as New Zealand based Tourism Holdings has agreed to sell its transport and tourism businesses in Fiji.
The General Manager of the merged company Brad Rutherford told Fijivillage that the merger reflected their confidence in the tourism industry in Fiji.
Rutherford said the merger would also ensure increased transportation to meet the demands of visitors to our shores.
The New Zealand Herald reports Tourism Holdings Chief Executive Grant Webster said the sale price is based on the value of net assets, at about $1.8 million.
It says Tourism Holdings' 2009 annual report stated that the Fiji businesses were operating in a difficult environment though it was operating effectively after the recent political issues and the January 2009 flood recovery."
Webster said Fiji has enjoyed a bit of a resurgence of late and Tourism Holdings had a good 2009 2010 year in local currency terms, with the current year on track for further gains.
However Webster has stressed that the political environment did not have a bearing on his decision to sell as they have owned the company through floods and through a number of coups and the political environment had nothing to do with it.
The sale is expected to settle at the end of the month.
Story by: Roneel Lal
