THE Bua Provincial Council has consented to the transfer of part of its assets, including its properties and investments, to the Bua Provincial Holdings Ltd in a bid to commercialise the assets.
Its newly-formed subsidiary, Bua Provincial Investment Company, will need an initial working capital of $78,000 and the transfer of the Bua provincial assets will play a major role in securing the company's loans from lending institutions.
Part of the major projects that the BPH is setting its focus on this year is the procurement of its own stone crusher to supply gravel to the China Railway First Group Limited, which will construct the Dreketi-Nabouwalu Highway.
Council chairman Alipate Radrodro said the purpose of the BPH was to commercialise the council's assets to ensure it generated maximum returns for the development of the province.
"BPH will function as the mother company for the other small investments and businesses that will be fostered through the various districts in the province for the sake of the development of its people," said Mr Radrodro.
"We will focus on the purchase of a stone crusher to assist our partners, the Viti Vanua Holdings Company, in the crushing of gravel for the construction of the Dreketi-Nabouwalu Highway which is to begin by June this year.
"Mr Radrodro said BPH had applied for a tender to China Railway First Group, which will secure the company's position as a supplier of the gravel for construction works.
BPH company secretary Veresa Ceguadrau said the combined value of the provincial assets was worth about $3million.