Source: Solomon Star
Western Provincial premier George Lilo has returned from the Philippines after having talks with tuna fishing company Celebes Tuna Fishing Corporation, which plans to start its tuna operations in the province.
It is understood that the recent trip and the fishing deal will be an agenda to be discussed in this week’s executive meeting.
It’s understood the trip was to finalise the fishing deal with the Filipino fishing company registered recently as Solomon Ventures Limited.
The trip came about after the government refused to support a development agreement the province had negotiated with that fishing company last month.
It was in November last year that Western Fishing Company Limited (WFCL), established a joint venture deal with the Filipino company.
WFCL is also a subsidiary company of the Western Province Investment Corporation, which is the commercial arm of the Western Province Government, established by ordinance.
Solomon Ventures Limited is owned by Celebes Tuna Fishing Corporation from General Santos, Philippines, which has been involved in the fishing industry for the last 40 years, and who’s owner is Mr. Jerry Damalerio
In the proposed joint fishing venture entity, the Western Fishing Company Limited will be entitled to subscribe to 20% shares in the proposed joint venture company whilst the Filipino owned company will be entitled to 80% shares in the proposed joint venture company.
The parties have also agreed that Western Fishing Company Limited may, in due course, increase its shareholding to a maximum of 40% shares in the joint venture company.
According to Mr. Lilo they have a wealth of experience in fishing, in particular purse seining and hand-line fishing in the Philippines.
The joint venture is expected to pave the way for more employment, livelihood and economic opportunities for the people in the Western Province.