26 Aug 2009

Bidding at Fiji's Momi Bay auction ends at US$20m

9:35 am on 26 August 2009

Negotiations continue to complete the sale of Fiji's Momi Bay Resort project which was put on auction yesterday.

According to Fijivillage, bidding for the project stopped at 20 million US dollars.

The Auctioneers Bayley's General Manager Philip Toogood says discussions are expected to continue over the next few days.

He says it is not known when the deal will be finalised.

The Fiji National Provident Fund had invested 40 million US dollars into the project which was to be done by New Zealand company, Bridgecorp, but which went into receivership.