The financial year ended 30 June 2006 saw the turnover for Atlantic Packaging Company Limited, a company listed on the South Pacific Stock Exchange, fall to F$5.3 million from over F$6.1 million recorded in the preceding financial year. Likewise, profits fell from F$0.31 million to F$0.15 million over the same period.
The fall in turnover and profits have been attributed to a continued deterioration in demand from the garment industry, although this has been countered by an increase in supply to the Biscuit Company of Fiji.
Note from GV : Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited. Our principal, Gilbert Veisamasama Jr, is a licensed investment adviser and has over 17 years experience in the financial sector in Fiji. Our company has now consulted to two major financial institutions and has provided legal advice to a subsidiary of the Fiji National Provident Fund. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Monday, October 30, 2006
Fiji investment laws relaxed
Foreign investors will be allowed to enter restricted activities without local shareholding. However, approvals will be at the discretion of the Minister responsible for investment.
The Foreign Investment Act defined "reserved" and "restricted" activities. Agriculture is listed as a "restricted" activity and a foreign investor that wishes to do business in the agricultural sector must have at least a 40% equity held by Fiji citizens.
The amendment now provides the Minister responsible for investment discretionary authority to allow a foreign investor to invest in "restricted" activities without local equity participation.
The Minister's evaluation and approval will consider issues such as " the business history of the foreign investor; history of the foreign investor; the financial ability and capacity of the foreign investor; the management systems being brought in; the expertise and level of technology to be introduced; the type of capital intensive agro-businesses coming in; the need for such investment; and any other relevant matters.
The 40% local equity participation will remain for activities such as market gardening, cane farming and less capital intensive forms of farming.
Note from GV : Foreign investors that need assistance to invest or set up business in Fiji can use our company, Gilbert & Samuels Company Limited, to facilitate all necessary approvals, licences and permits. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
The Foreign Investment Act defined "reserved" and "restricted" activities. Agriculture is listed as a "restricted" activity and a foreign investor that wishes to do business in the agricultural sector must have at least a 40% equity held by Fiji citizens.
The amendment now provides the Minister responsible for investment discretionary authority to allow a foreign investor to invest in "restricted" activities without local equity participation.
The Minister's evaluation and approval will consider issues such as " the business history of the foreign investor; history of the foreign investor; the financial ability and capacity of the foreign investor; the management systems being brought in; the expertise and level of technology to be introduced; the type of capital intensive agro-businesses coming in; the need for such investment; and any other relevant matters.
The 40% local equity participation will remain for activities such as market gardening, cane farming and less capital intensive forms of farming.
Note from GV : Foreign investors that need assistance to invest or set up business in Fiji can use our company, Gilbert & Samuels Company Limited, to facilitate all necessary approvals, licences and permits. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Colonial National Bank makes F$8.89 million after tax profit
Colonial National Bank has made F$8.89 million after tax profit for the financial year ended 30 June, 2006. The bank's key disclosure statement published in the Fiji Times of 31 October 2006, stated that the bank's return on assets was 1.64% with a total assets growth of 20.9% from the preceding financial year. The bank's capital adequacy ratio was 10.9% compared to a minimum of 8% required by the Reserve Bank of Fiji. No comparative figures were given for the bank's performance over the preceding financial year. Note from GV : Business travellers to Suva who need accommodation can try out our two bedroom home. The home has a Personal Computer and Broadband Internet access provided for guests' use as is going at a promotional rate of F$112.00 per night (for the entire home). Check out links at the right hand side of this blog for details on amenities and view photos of the home. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Friday, October 27, 2006
HFC Finance achieves record profits
HFC Finance announced a record profit after tax of F$1.926 million for the year ended 30 June 2006. Out of the profits, shareholders have announced a total dividend of F$1.7 million for the period. Highlights for the period included :
- strong growth in Gross Loans & Advances offset by lower margins;
- total operating expenses maintained within 58.9% of total revenue;
- steady decline in total impaired assets during the year;
- general and specific provisions maintained at 150.8% of total impaired assets;
- capital adequacy ratio at 15% within the Reserve Bank of Fiji's requirement of 10% for credit institutions.
During the second half of the last financial year, the company concentrated on completing its new premises in Suva and has just moved into it. The new premises is on top of the old premises in the old Velop House in Suva.
The company is building up its commercial lending area and is also in the process of applying for a full banking licence from the Reserve Bank of Fiji.
HFC Finance is wholy owned by the Fiji National Provident Fund (75%) and Unit Trust of Fiji (25%). As such profits made by the company is ploughed back to members through to Fiji National Provident Fund and to investors with the Unit Trust of Fiji.
To view more of what the company has to offer, please visit the company's website on www.hfc.com.fj.
Government looking for investors to develop Batiri (Citrus) Farm
Government is looking for investors who can commercial develop the 845 acre Batiri (Citrus) Farm. The farm was a government commercial company leased out to Food Processors (Fiji) Limited. Government will provide the investor with technical assistance. The Agriculture Ministry says that the land is ideal for farming sheep, citrus, sugar cane and other crops. Applicants who have a proven track history and experience in commercial agriculture farming will be looked at. Other conditions required is that they will provide jobs to locals and will provide new training and skills to local growers. The investor is required to introduce new technology, expertise and ideologies in commercial agriculture farming that could be hived off to local farmers.
Pacific Plan okayed
Pacific Island leaders have considered the Regional Institutional Framework Review and agreed to establish a taskforce to work through identified issues and report back to the leaders at next year’s Forum Meeting in Tonga.
Leaders tasked the Forum Secretariat to proceed with an exercise aimed at refining its core priorities and to progress the recommendations relating to the establishment of regional offices or the placement of staff members in each member country.
The report, Pacific Plan Action Committee (PPAC), on a new regional institutional framework was commissioned by a project team that proposes significant changes to existing regional institutional arrangements.
Through these changes, it envisages the creation of a framework to facilitate further development, implementation and monitoring of the Pacific Plan.
Regional organizations under discussion are agencies represented on the Council of Regional Organizations in the Pacific (CROP) and include the Fiji School of Medicine, Forum Fisheries Agency, Pacific Islands Forum Secretariat, Pacific Islands Development Programme, and the Secretariat of the Pacific Community.
Note from GV : For consultancy on financial sector related aspects of the Pacific Plan, you can contact our company, Gilbert & Samuels Company Limited, for assistance. Our contacts are : e-mail gilbert@connect.com.fj or telephones +679 3396427 or +679 9921427.
Leaders tasked the Forum Secretariat to proceed with an exercise aimed at refining its core priorities and to progress the recommendations relating to the establishment of regional offices or the placement of staff members in each member country.
The report, Pacific Plan Action Committee (PPAC), on a new regional institutional framework was commissioned by a project team that proposes significant changes to existing regional institutional arrangements.
Through these changes, it envisages the creation of a framework to facilitate further development, implementation and monitoring of the Pacific Plan.
Regional organizations under discussion are agencies represented on the Council of Regional Organizations in the Pacific (CROP) and include the Fiji School of Medicine, Forum Fisheries Agency, Pacific Islands Forum Secretariat, Pacific Islands Development Programme, and the Secretariat of the Pacific Community.
Note from GV : For consultancy on financial sector related aspects of the Pacific Plan, you can contact our company, Gilbert & Samuels Company Limited, for assistance. Our contacts are : e-mail gilbert@connect.com.fj or telephones +679 3396427 or +679 9921427.
Thursday, October 26, 2006
Post Budget Forum Breakfast
To be held on Saturday, 4 November 2006, from 8.15am to 10.30am, Lali Room, Holiday Inn, Suva. The forum offers the opportunity for the Prime Minister and several of his key Cabinet ministers to espouse key strategies and features of the 2007 national budget. It also enabled stakeholders in the private and public sectors to present the Government instant feedback on its national budget.
Limited seats available at F$550.00. For bookings, call Talica on telephone +679 3314333 or e-mail ceo@fbcl.com.fj.
Note from GV : If you need accommodation in Suva, try out our two bedroom rental home. The home has seaviews and is equipped with a Personal Computer and Broadband Internet access for guests. Check out details through links at the right hand side of this blog. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Limited seats available at F$550.00. For bookings, call Talica on telephone +679 3314333 or e-mail ceo@fbcl.com.fj.
Note from GV : If you need accommodation in Suva, try out our two bedroom rental home. The home has seaviews and is equipped with a Personal Computer and Broadband Internet access for guests. Check out details through links at the right hand side of this blog. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
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