U.S. BUMBLE BEE SEAFOODS CONSIDERS ACQUIRING PAFCO SHARES

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SUVA, Fiji Islands (April 1, 2002 – Daily Post/FijiLive)---A complete evaluation of the Pacific Fishing Company in Levuka will be undertaken within the next 12 months as a result of PAFOC’s business partner, Bumble Bee Seafoods, considering becoming a minority stakeholder in the company.

The move was confirmed by the U.S. firm’s president and chief operating officer Chris Lischewski, who was in Fiji last week to sign an extension of his company’s existing arrangement with PAFCO.

"At this point, Bumble Bee is not making an actual investment in PAFCO. We have been discussing with PAFCO an option for Bumble Bee to take a minority interest.

"What we’ve agreed to in our new agreement is that in the next 12 months, we’ll work at having PAFCO evaluated," Mr. Lischewki said.

He said there are some concerns about Fiji Government ownership in the company and that other parties have also expressed interest in buying PAFCO shares.

For additional reports from The Daily Post, go to PACIFIC ISLANDS REPORT News/Information Links: Other News Sources/Fiji Live.

For additional reports from FijiLive, go to PACIFIC ISLANDS REPORT News/Information Links: Other News Resources/FijiLive.

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