The redevelopment of the Grand Pacific Hotel has been a long desire of the Fiji population who have warm memories of the ‘grand old lady’.
From the staging of royal visits through to the gathering place of tourists from cruise ships to the home away from home of foreign dignitaries.
National Superannuation Fund (NASFUND) of Papua New Guinea CEO Ian Tarutia made the comments yesterday while addressing participants at the Fiji Institute of Accountants Congress 2013 held at the Sheraton Fiji Resort on Denarau yesterday.
Although NASFUND holds a 50 per cent stake in the $90million investment, Mr Tarutia said they had not decided on the rate of return on investments for other stakeholders, Lamana Development Limited that has a 25 per cent stake in the project along with the Fiji National Provident Fund, owning the remaining 25 per cent.
“We have a hurdle in a rate of returns on investments because it’s still a work in progress,” he said.
“We can say much on this except that I know how much we’ve put in and it’s in the vicinity of $90m.
“Of that $90m, it’s split and we’ve provided 50 per cent while the other 25 per cent is with Lamana and FNPF.”
Mr Tarutia said they had a portfolio of about $3billion, of which 20 per cent had been set aside to look at offshore investments.
He said 80 per cent was predominantly invested back into PNG.
“These offshore investments are not confined to the Pacific but the Asian region as well.
“For us this is a diversification strategy that we are pursuing and the Pacific represents the immediate area first,” Mr Tarutia said.
“There maybe opportunities to invest in the manufacturing industry in Fiji because there is a strong manufacturing sector here and they are producing certain goods that I don’t see in PNG.
“I see that as an opportunity for a manufacturing business. PNG businesses could also come and form a strategic alliance with locals.
Manufacturing companies could also align with a PNG company – that would be their entry into the market.”
Meanwhile, Mr Tarutia said they used the same concept to invest in the tourism industry in Samoa and Solomon Islands.
BY: FIJI TIMES