The Samoa government says it purchased the Pacific Forum Line because shipping is the life line of Samoa's economic development.
The government says it is committed to PFL's original objectives of ensuring economic development in the region, regular shipping services and containing freight prices.
Leilani Momoisea reports,
"Samoa says PFL has been unable to fulfill all its obligations because of problems it faced during the global financial crisis, and past situations. In a statement, the government says it is fully aware of the reasons for losses, but it is in the past. It says it plans to move forward by working with current shipping partners and all stakeholders to continue normal business and identify ways for improvement of service. The government says it is unable to reveal the purchase price until all legal and administrative procedures of the takeover are completed. Samoa, previously an eight-percent shareholder, invoked its right to acquire 100 percent shares in the company in September, after a New Zealand company put in a bid to purchase PFL."