For the first time since its inception more than 3 decades ago, the Pine Group is debt free now. This has come following a lump sum payment of $2.2m to fully settle the $12m loan taken from the Fijian Government back in the 90’s.
Board Chairman, Ratu Wiliame Katonivere, said that this is a great achievement and position to be in. The Pine group has never been in this position before and this is truly a record.
“I am extremely proud of my Management and Employees through whose efforts we are at this position. With the sound leadership and advice of the Group CEO, Mr. Vimlesh Kumar and his senior Management, The Pine Group is excelling”
It is important to note that this has been achieved at a time when the Group is going through many challenges brought about by COVID and the recent natural disasters. “This has been the real test of capacity for my Management Team”, Ratu Wiliame Katonivere added. Despite these challenges the Pine group continues to support all its stakeholders and to drive much needed economic activity.
The Pine Group has continued with its capital upgrades with over $6m invested last year. Further capital upgrades worth over $16m is being planned for this year. All these upgrades are part of our business diversification plans and making our business future proof. These upgrades will further enhance the forest sustainability drive that we have through value added product manufacturing.
The Board Chairman also thanked the shareholders of the Pine Group – Government of Fiji and The Pine Landowners.