Fijian executives buy out AWA

AVVA Southwest Pacific has become a Fiji-owned company following a $1 million management buyout by three of the company’s local executives. Main shareholders and directors in the elec tronics and telecommunications venture are Harry Powell, AWA’s regional man ager for the last eight years and now managing director; Richard Lucas, Lau toka branch manager and Richard Fiu, financial controller and company secre tary. (Singapore-based Kevin Parnell also has a shareholding.) They have the majority interest in a new firm, Com

munications Pacific Ltd, which has acquired AWA Southwest Pacific’s Fiji assets and liabilities. The Fiji Develop ment Bank has 20 per cent of the shares which will be available for purchase by Fijian investors. The restructured busi ness wiU trade initially as COMPAC AWA and eventually operate solely JJ? 1 * Jj l6 COMPAQ name. ’ managing director Communications Pa cjfjc Jeff group general manager Finance AWA Ltd (Australia); and Stephen EH, senior business analyst AWA Ltd (Australia). □