25 Aug 2008

Solomons cannery in financial strife

1:35 pm on 25 August 2008

Solomon Islands only fish canning factory, Soltai Fishing and Processing Limited, is said to be in need of a massive capital injection.

It is said to need eight million US dollars to avoid bankruptcy.

The Soltai Board has been asked to find a way to save the company.

The Deputy Chairman of Soltai, Western Province's Premier Alex Lokopio, says two possible options are at hand.

Option one would be for the national government to pump in the eight million dollars.

The other option is for the two shareholders opting to surrender a certain percentage of their shares and have it sold to interested partners.

Mr Lokopio says he's convening an extraordinary meeting today in Gizo to see how big a stake might be sold.