Pine group declared debt-free

Prime Minister Voreqe Bainimarama (left) with Tropik Woods Executive Chairman Faiz Khan hand over the cheque to Westpac Banking Corporation General manager Brett Hooker in Drasa Lautoka. Picture: REINAL CHAND

THE Fiji Pine Group of Companies was declared debt-free by Prime Minister Voreqe Bainimarama yesterday. He made the announcement after presenting a $4.4million cheque to Westpac Banking Corporation general manager Brett Hooker, at the Drasa mill complex in Lautoka.

Mr Bainimarama made the debt-free declaration after presenting lease security bonus payment cheques totalling $7million to 40 landowning units.

“Today (yesterday), we are also announcing the complete repayment of Fiji Pine’s remaining loans to Westpac with a final lump sum payment of $4.4 million,” he said.