In a press statement issued today, Fijian Holdings Ltd announced the incorporation of two wholly owned subsidiaries in PNG. Pasifika Holdings Ltd (PHL) and Pasifika Finance Ltd (PFL) would become the first overseas subsidiaries for FHL in its 25-year history.

“It is critical for FHL to look beyond Fiji for future growth while maintaining our investment portfolio in Fiji”, says Sereana Qoro, Managing Director of FHL. She added further, “FHL will continue to explore investment opportunities in Fiji as well as in other Pacific countries in order to create sustainable and consistent value for our shareholders.”

Pasifika Holdings Ltd would focus on trading and possible acquisitions in PNG while Pasifika Finance Ltd would be applying for a Licensed Credit Institution status with the Central Bank of PNG.

Josese Daveta, Senior Manager within the FHL Group has been appointed Manager-Pacific Operations and will be based in Port Moresby to specially oversee the operations in Papua New Guinea. FHL would commence exporting Cement and Concrete products to PNG from August 2010.

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