Fijian Holdings Ltd (FHL) has allocated approximately $14.6 million of a $50 million budget for its impact investment initiative, which focuses on enhancing the economic empowerment of iTaukei resource owners. This information was disclosed during the Ministry of iTaukei Resource Owners’ Forum held in Lami last month.
In his address to attendees in iTaukei, FHL’s CEO Jaoji Koroi emphasized that the initiative is relatively new and forms part of the investment group’s three-year strategy aimed at promoting indigenous economic involvement and empowerment.
Last year, Mr. Koroi mentioned that FHL had earmarked $50 million, representing 10 percent of its capital base, to support iTaukei businesses, which must be well-structured to qualify for funding.
During the forum, he indicated that the $14.6 million allocated so far has been invested in equity for five joint venture projects with resource owners located in Taveuni, Savusavu, Korovou in Tailevu, Muaivuso, and Kalabu in Suva.
He explained that the partnership process involves landowners setting up a company, valuing their assets—typically land—and approaching FHL with a proposal for a 40/60 partnership, where FHL retains a 60 percent ownership stake.
Currently, FHL aims to concentrate on these five projects until they reach maturity before exploring additional opportunities.
Established 40 years ago by the Great Council of Chiefs, FHL has distributed $143 million in dividends to shareholders since its inception, which began with an initial amount of $30.4 million.
Listed on the South Pacific Stock Exchange, the value of FHL shares has increased more than ninefold over the past four decades, as noted by Mr. Koroi. He also revealed that 72 percent of FHL shares are collectively owned by the iTaukei Affairs Board, the iTaukei Trust Fund, and the iTaukei Land Trust Board.