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SUVA, Fiji (Fiji Times, Dec. 6) – Fijian Holdings Limited yesterday announced the acquisition of the popular Fiji Mocambo Hotel in Nadi under its joint venture vehicle with the Tappoo Group of Companies.

The hotel, which is to undergo major renovations as part of the acquisition process, would also be re-branded as Novotel Nadi.

Fiji Resorts Limited's Managing Director Radike Qereqeretabua, who presented a key to members of Fiji Holdings Limited and Tappoo to signify the handing over of all assets, said they wished to thank all employees for their years of loyalty and commitment.

Mr. Qereqeretabua also thanked the members of Mataqali Ketenatacini of Saunaka Village in Nadi for the progressive business relationship they had managed to develop since the establishment of Fiji Mocambo in 1961.

[PIR editor’s note: Nadi is located on the west coast of Viti Levu island.]

Fiji Holdings Limited Managing Director, Sitiveni Weleilakeba said the acquisition of Fiji Mocambo was a whole new approach towards their investment in the tourism industry.

Mr. Weleilakeba said this was the second acquisition of their joint venture between Fiji Holdings Limited and Tappoo within just a few months.

Fiji Holdings Limited [FHL] and Tappoo had also purchased Dominion International Hotel that is now being run as Mecure Hotel, just a few months ago.

"The partnership of FHL with a successful and a prominent local company, the Tappoo Group and the experience of our overseas partner, CP Group of New Zealand had brought a new approach to our investment in the hotel industry," he said.

"Currently, our consortium members are also investigating other acquisition opportunities," Mr. Weleilakeba said.

Kanti Tappoo, Tappoo Group of Companies Executive Chairman said with Fiji Mocambo being an exceptional contributor and respected player in the local tourism industry, they were excited to takeover operations.

Mr. Tappoo said working with Shangri La Group, which previously managed Fiji Mocambo, for years had definitely made him appreciate their commitment and dedication to Fiji's tourism.

"What we have is two local companies of great potential and a respected track record linking with an overseas company with a lot of expertise," he said. "It is an ideal investment scenario and we at Tappoo are very satisfied," he said.

[PIR editor’s note: The purchase amount in the transaction apparently was not disclosed.]

December 7, 2005

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