20 Jul 2012

Fijian Holdings Limited takes over South Sea Cruises

10:51 am on 20 July 2012

Fijian Holdings Limited expects its first few years as the owner of South Sea Cruises to be challenging with the repayment of its more than 27 million US dollars loan.

Fiji Times online says the company yesterday announced its acquisition from Marine Tourism Holdings for over 34 million dollars.

FHL chief executive Nouzab Fareed, however said they were positive it would largely benefit shareholders in the not too distant future.

As a first step in the acquisition, FHL divested its Blue Lagoon Cruises shares worth over 6 million to South Sea Cruises.

Blue Lagoon Cruises has been undergoing restructure and last month FHL increased its shareholding in the company through a debt capitalisation process.