Ba Provincial Holdings chief executive Isimeli Bose (left) with Commercial manager Jese Saukuru yesterday during an interview with the Fiji Sun. Photo: Jyoti Pratibha
JYOTI PRATIBHA
lautoka
Ba Provincial Holdings Company Limited has assured that with the right people on the board, they are sure of turning the company’s financials around.
Company chief executive, Isimeli Bose, explained their first step in turning the company around was their share drive which is currently underway to the existing 596 existing Class A shareholders and Class B shareholders.
He further assured they will now be accountable to their shareholders.
Mr Bose said now the shareholders of the company were not just from within the Ba Provincial Council, but landowners through the mataqali or tokatoka.
He said they have been given the clearance for the share drive by the Reserve Bank of Fiji, after meeting stringent criteria.
“The company has more than $17.8 million in assets. We need to raise more working capital to improve our cash flow and reduce our debts,” Mr Bose said.
“Our loans stand at about $10 million. By increasing the working capital, we are sure to improve the financials of the company.”
The board
Mr Bose highlighted that with the restructure of the board and shareholders, the Board is not chosen by the Council but the Directors.
“We have two independent directors, qualified, experienced, none of the directors have any convictions,” he said.
“In the past, the Council chose the directors and there was a lot of politics involved. This will not be repeated. We have 596 shareholders, instead of one and we have to answer to them.
“We have been here for 20 years and survived all problems that we have gone through. We have come out stronger in all this.”
Existing shareholders have till May 16 to purchase shares offered.
Recovering from problems of 2006
Mr Bose said they are now trying to recover the $4.8 million lost and are confident that they will have a return in profit.
“We have made a commitment to pay dividends. When it was owned by the Ba Provincial Council, only the top people benefitted. Now, people at grassroots level will also benefit,” he said.
He said Ba Provincial Holdings Company Limited was back and confident of making sound financial decisions.
Mr Bose said they have the right people on the Board, doing their job, which in turn will avoid a repeat of 2006. They have also identified a number of projects that they will be undertaking which will mean more money made for the shareholders.
Feedback: rachnal@fijisun.com.fj
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