Friday, 18 June 2010 10:09 AM

Noro to Undergo Financial Restructure

Solomon Islands premier fishing and processing company, Soltai is to undergo a financial restructure.

A general meeting of the company in Honiara yesterday decided to increase Soltai's authorized share capital to enable shares to be issued to TriMarine and the National Provident Fund in return for the injection of $100 million dollars into the business.

Board Chairman of the company, Tony Hughes says the restructure will take place in the next few weeks.

Mr Hughes says the incoming funds will enable the company to have a sound financial basis.

He says it will also make the necessary capital investments and build up its workforce to raise production to levels at which the business is expected to be commercially sustainable.

Mr Hughes says Western Province representatives were unable to be present at the meeting on 16 June.

However, he says the increase in authorized capital is sufficient to enable the Western Province Executive also to purchase additional shares if it wishes to do so, up to 49 percent of the total issue.

Meanwhile, Mr Hughes says arrangements are being made for the resumption of production at Soltai's Noro factory after completion of extensive repairs to the cannery building, equipment upgrades and the overseas re-build of the packing machine used to produce the famous Chili Taiyo.

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By STEVE BANI Vura Heights, East Honiara
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