FHL ACQUIRES 30% OF GOLDEN MANUFACTURERS LIMITED

Fijian Holdings Limited (FHL) today announced that it has acquired 30% ofthe issued shares of Golden Manufacturing Limited (GML) after it signed the Sale and Purchase Agreement with the company current 100% shareholder, Mr. Mohammed Ashif Razak. South Pacific Trustees Limited (SPTL) on behalf of Fijian Holdings Unit Trust (FHUT) has also purchased an additional 5% of GML issued shares as part of this transaction.

GML is Fiji's largest manufacturer of corrugated boxes with significant presence in the export market. Announcing the transaction, FHL Chairman Mr. Lyle Cupit said that GML was set up in 1980 when the current owner bought out Kiwi United (SP) Limited. In 1982, GML entered into a Joint Venture (JV) with Carter Holt Harvey, which enabled the company to source technical and management expertise from Carter Holt Harvey as well as establishing international governance for the company. This JV arrangement ended in 2005, but currently Carter Holt Harvey supplies GML with paper and technical assistance under commercial terms and conditions. Visy Industries, an Australian company, also supplies paper and provides technical assistance to Golden Manufacturing Limited.

FHL General Manager Investments Mr. Jaoji Koroi said that the acquisition was based on FHL's assessment of the company's stable performance for the last five years and the prospects for growth in the future. "This investment will be part of FHL's growing exposure in Fiji's manufacturing sector and is expected to yield stable dividend returns in the future," he added. It is expected that GML will be closely working with other FHL subsidiaries to pursue value- adding opportunities.