Banaban Bid for Momi shares Fiji

[Stacey King]

Fiji Times Online Samantha Rina Thursday, June 10, 2010

THE Banaban Trust continues to review its investment in the Momi project and is now hoping to secure partners to help it recover its $1million investment in the project.

Trust chairman Arnold Richmond said they had received verbal expressions of interest from potential investors.

"If possible, we will try to look for partners in buying out our shares in the Unit Trust of Fiji," he said.

He said they would review their investment to help them determine an evaluation.

"We want to recover as much as possible. If off-shore people come in ready with cash, it's good for the people of Fiji and the Banabans," he said.

Mr Richmond said he was unable to disclose the identities of potential investors who had shown interest in their share of Momi.

"It might be another four or five weeks before they (potential investors) are able to give us a definite answer," he said.

Mr Richmond added that the value of their property share at Momi had increased. However, he was unable to disclose this sum.