Small Industries Center (SIC), now a public enterprise

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26 July 2011 Earlier this month, His Majesty's Cabinet has approved the proposal brought forward last August 2010 to privatize the Small Industries Center (SIC).

This means that the SIC will become a government private enterprise and under the administration of the Ministry of Public Enterprises.

For nearly 30-years, the Government owns the SIC but was under the control and management of the Ministry of Labour, Commerce & Industries. The SIC is located in prime locations in both Nuku'alofa and Neiafu with easy access to all utilities and, within walking distance to the Nuku'alofa and Neiafu business districts.

Due to its policy of privatization and supporting private sector economic development programmes, the Government has decided to call for expressions of interest from the private sector to manage the said SIC properties in Ma'ufanga and Neiafu.

The Ma'ufanga SIC was opened in 1980, is located in a 20 acres land under a long-term lease that will end expire in October 2070. The total land area has been fully developed with all supply utilities in place, and is being demarcated into 42 industrial land plots of varied sizes ranging from 1063 to 3254 square metres. Thirty-six (36) land plots are with buildings and are currently rented out, and 6 vacant plots for future rental buildings.

The Neiafu SIC was opened in 1990, is located in a 8 acres land under a long-term lease that will end in August 2077. The whole 8 acres has been fully developed with all supply utilities in place, and are being demarcated into 16 industrial land plots of varied sizes ranging from 1,113 to 3,403 square metres. Four (4) land plots are now rented out, and 12 vacant land plots for future development.

According to a recent valuation of both the Nuku'alofa and Neiafu SIC by the  Ministry of Labour, Commerce & Industries, the properties indicates that their market value is around T$9.6 million.

The Government believes that the commercial returns from the SIC sites will be optimized through additional investments in the current facilities;

ENDS

Issued by the: Ministry of Information and Communications, Nuku'alofa, 2011.

Last Updated ( Monday, 08 August 2011 22:25 )  

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