A Note of Caution – Sovereignty and Foreign Exchange Risks
We are fully aware of all the sovereignty and other political risks – as well as the foreign exchange risks – involved in our Fiji ventures. We have carried out extensive risk assessments for all known variables and are confident that the potential benefits of undertaking these two contracts more than outweigh any concomitant risks. The involvement of highly reputable international bankers in the financing of these contracts in Fiji adds further reassurance.
CHANGES IN BOARD MEMBERSHIP
Our Deputy Managing Director, Dr. Sharifuddin Abdul Wahab, resigned effective 31 December 2009 in order to pursue his own interests. A further two long serving executive directors also resigned effective 31 January 2010, namely Ir. Suyanto Bin Osman and Encik Ahmad Bin Abu Bakar. We would like to thank all three gentlemen for their excellent service to the Group, and we wish them every success in their futurecareers.
The Waila City Project will be the first of its kind for Fiji. A design and build concept where the Contractor will utilize its own funds and deliver completed housing solutions to the Housing Authority.
This Project also signifies what we can achieve through collaboration between the public and private sectors. In this instance it is Top Symphony of Malaysia, EXIM Bank of Malaysia, Housing Authority of Fiji and the Government of Fiji.
As announced in the 2011 Budget, Government has allocated $10million to assist families to invest in housing, in particular, in this Project.