|
Thu, 2 Sep 2010
HONIARA, Solomon Islands (SIBC) ---- Changes to the ownership shares and financial structure of Solomon Taiyo Fish and Processing company or Soltai has now been implemented after two years of negotiation and disruption in the Taiyo production.
An agreement signed has confirmed that two new investors, Tri Marine and Solomon Islands Provident Fund, NPF, have paid in 100 million dollars as their share in Soltai.
Tri-marine has 51 percent shares of while NPF has 29 percent.
The two previous owners, the Investment Corporation of Solomon Islands and the Western Provincial government are owners of the remaining 20 percent of Soltai.
According to a press release by the company board chairman a large part of the incoming funds will be used to settle Soltai's debt and the balance from these new funds will be towards financing the company's operations and fixed capital costs during its build up of production over the next 12 months.
|
