Fiji Kava raises $7.9m for ASX

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Fiji Kava Ltd (FIJ or the Company) was admitted to the official list of the Australian Stock Exchange (ASX) in 2018. Picture: SUPPLIED/FT FILE

AFTER months of preparations and raising a capital of $A5.2 million ($F7.9m) from selected investors, Fiji Kava Ltd (FIJ or the Company) was admitted to the official list of the Australian Stock Exchange (ASX) last week.

This was announced by Kinetic Growth Fund Ltd through the South Pacific Stock Exchange.

Fiji Kava Ltd is an investee company of KGF and is the parent of South Pacific Elixirs Ltd, an international group of companies that has a commercial presence in Fiji and produces the “Taki Mai” range of kava-related products.

KGF chairman Erik Larson said they were pleased that Fiji Kava Ltd had reached an important milestone in its development, and that it was able to provide a vehicle for investors in Fiji to participate in such opportunities.

“We are also thrilled that the company raised $A5.2m to progress its exciting business plan. While weak global markets and a huge share sell-off meant the company’s shares traded down from the IPO price of $A0.20 to close the first day at $A0.12, we don’t believe this in anyway reflects its long-term prospects,” said Mr Larson.

Mr Larson added that it is the intention of FIJ to expand its business on a global scale, with Fiji as a key production hub. Fiji Kava plans to use some of the money to research other medicinal uses for the drink.

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