Fiji Sugar Corp stock suspension indefinite

The CEO of the South Pacific Stock Exchange in Suva says the suspension of the Fiji Sugar Corporation is due to insufficient levels of working capital.

Jinita Prasad says the decision was made to provide investors and shareholders with certain safeguards with their investment.

The ailing Fiji Sugar Corporation has been suspended by the South Pacific Stock Exchange in Suva until further notice.

Three new managers in recent weeks and the fact that the sugar industry has been failing for years has not helped the corporation's cause. And the interim government has indicated that its guarantee may not be increased to help the corporation out of its current crisis.

Ms Prasad says they are still in discussion with the new boss at the Fiji Sugar Corporation, and is unsure how long the suspension will last.

Presenter: Geraldine Coutts

SOURCE: radioaustralia.net.au