$63m in 3 years

ONE of the stock market heavyweights says it has invested more than $63 million in new properties, plant and equipment over the past three years.

Fijian Holdings Group chief executive officer Nouzab Fareed yesterday said the more productive investments they made, the more they would gain in the coming years.

Mr Fareed made the comments in a company announcement made through the South Pacific Stock Exchange yesterday.

“During the current financial year ending June 2017, FHL Group has invested $35.87m in acquiring assets compared to an amount of $12.73m invested in the previous financial year,” the statement said.

It was $15.33m during the financial year 2014/2015 and the overall total investments for the three years had exceeded $63m.

FHL Group chairman Adrian Sofield said: “When we are bullish about the economy, it is important to invest. This is the right time.”

During the current financial year, the group invested in two new vessels for South Sea Cruises Ltd at a cost of $14m followed by new equipment worth $6m for Life Cinema Ltd, $5m worth of equipment for Basic Industries Ltd and building development to the value of $4m at RB Patel Group. Pacific Cement Ltd also attracted investments of more than $2m during the financial year.

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