Fiji govt buys shares in Drua rugby team

The Fiji government has bought 25.5 percent of the shares in the Fiji Rugby Union and the Fijian Drua Super Rugby team.

The purchase is worth $6 million Fiji dollars, equivalent to $3 million US dollars.

It was announced as part of the Revised National Budget, in the Fiji Parliament Thursday night by Minister of Finance Aiyaz Sayed-Khaiyum.

The Minister also explained that it had acquired a 51 percent share in Counter Ruck Pte Limited, which was established to manage and operate the Drua team.

"The FRU had requested a grant but Government is unable legally to give a grant to a private company. We can, however, take a share in the company and divest it at a later date," Sayed-Khaiyum said.

"Through this revised budget, the Fijian Government will allocate the first tranche investment of $3million for 25.5 percent shareholding."

"The second tranche investment of an additional $3million (US$1.5 million) will be undertaken by December 2022 to secure the total 51 percent."

"By December 2022, the Fiji Rugby Union will own 49 percent shareholding while the Fijian government will own 51 percent" he said.


Photo FRU  Caption: Fijian Drua