Malaysians

take over Aust firm

By Akanisi Motufaga

A MALAYSIAN-based conglomerate has taken over the operations of the W

R Carpenters operations in Fiji, Tonga,

Western Samoa and Papua New Guinea.

MBf Asia Capital Corporation Hold ings Limited bought out the Australian company on June 28 for US$4B million.

To facilitate the takeover, two new holding companies will be set up in the South Pacific. One will be in Papua New Guinea, which will own and operate all MBf operations there, and the other will be in Fiji which will own the Fijian, Tongan and Western Samoan oper ations.

The Papua New Guinea operations

will be managed by country manager/

managing director Ken Stokes while Ross McDonald will be country man ager/managing director for the Fiji, Tonga and Western Samoa operations.

In Fiji, it is believed that the new owners will negotiate with Fijian Hold ings Limited for indigenous sharehold ing. Fijian Holdings acts as an invest ment firm for indigenous Fijians who wish to get into commerce. It is also believed that the new owners plan to set up an assembly line operation in Fiji where the company will import spare parts for appliances and assemble them in the country.

The new owners also intend to import

Malaysian made products and sell them at the Morris Hedstrom supermarket outlets in Fiji. The takeover has resulted in MBf being one of the largest investors in Fiji with activities in retailing through the Morris Hedstrom chain, motor and

heavy equipment distribution, builders

hardware, shipping agencies, manufac

turing, finance and property.

McDonald said the acquisition was a clear indication of investor confidence.

He said it marked a change in the development of commerce in the South Pacific. “It is really the end of an era as the long-established dominance by Aus tralian trading companies has now ended,” he said. “We are looking at exciting new directions, with an orien tation towards the South East Asia, the location of the most dynamic economic development in the world.

“MBf will facilitate transfer of skills and technology between ourselves and South East Asia. This will open up a

whole range of fresh opportunities. There are tremendously exciting prospects as MBf will be an active investor. It is seeking new avenues for expansion into profitable businesses which will benefit Fiji in many ways, especially in the creation of new jobs,” McDonald said.

He said the 1500 jobs would be retained and more employment would be generated as MBfs investment in Fiji grew. The acquisition has also resulted in management changes and an organis ation re-structure.

Announcing the change, MBf Asia

Capital and MBf Group of Companies

chairman Tan Sri Dato Toy Hean Heong said MBf Asia Capital would act as the future holding company for the MBf Groups international financial ser vices and trading activities. MBf began as a finance company in Malaysia. Over the years, it has diversified to become a major group with interests in property, service industries and manufacturing. In Fiji, MBf is a shareholder with the government-owned National Bank of Fiji. The joint venture has two operations in the country National MBf Finance (Fiji) Limited and National MBf In surance.

National MBf Finance acts as a merchant bank and provides services such as leasing and hire purchasing, factoring and credit cards. □