FIJIAN HOLDINGS LIMITED - PART OF JOINT VENTURE TO ACQUIRE FIJI MOCAMBO HOTEL

Fijian Holdings Limited (FHL) today announced the acquisition of the Fiji Mocambo Hotel under its Joint Investment Vehicle with the Tappoos Group and CP Group of New Zealand. The hotel will be renovated as part of the acquisition process and will be re-branded as the Novotel Nadi. The Hotel will be managed by the world famous Accor Hotel Management Group. FHL Managing Director Mr. Sitiveni Weleilakeba said that the acquisition was finalised after the approval of the FHL Board of Directors was obtained. According to Mr. Weleilakeba, "The partnership of FHL with a successful and prominent local company, the Tappoo's Group and the experience of our overseas partner, CP Group of New Zealand had brought a new approach to our investment in the hotel industry".

The purchase of Fiji Mocambo Hotel is the second acquisition by the JV vehicle of the consortium. Currently, members of the consortium are also exploring other acquisition opportunities. FHL currently holds $10 million preference shares in the Sheraton Hotels and owns 70% of Blue Lagoon Cruises Limited. Through this purchase, FHL will increase its investment in Fiji's tourism industry, with 25% stake in the Mercure Nadi and now the Fiji Mocambo Hotel.

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Jaoji Koroi
General Manager Investment