Over 30,000 iTaukei minor investors have directly benefited from the recent dividend announcement by the Unit Trust of Fiji (UTOF), facilitated through a collaboration with the iTaukei Land Trust Board (TLTB).
UTOF chairperson Lavinia Kaumaitotoya declared a dividend of 3.75 cents per unit for UTOF’s Income & Growth Fund and a three percent annualized dividend for its Income Fund, amounting to $5.77 million and $562,772 respectively.
As Fiji’s largest unit trust, UTOF boasts over 60,000 unit holders across the country, including iTaukei landowners under the age of 18.
“Our unit holders encompass a broad cross-section of our society, with over 30,000 minor investors under 18 years old whom we currently manage in partnership with the iTaukei Land Trust Board,” stated Ms. Kaumaitotoya.
Last June, TLTB diversified its portfolio by moving some funds held in trust for iTaukei landowners under 18 from HFC Bank to UTOF.
“To understand how the lease monies for minors held by the iTaukei Land Trust Board are managed, we must consider the legal framework governing the Equal Rent Distribution Policy,” TLTB explained when the move was announced.
Currently, 32,941 iTaukei landowners under 18 have lease entitlements valued at a total of $69 million. The funds, managed by the TLTB Board, will be paid out along with dividends once the beneficiaries reach the age of 18.
UTOF’s investments span a mix of private and public companies, including HFC Bank, Fiji Gas, Flour Mills of Fiji, and South Sea Towage Ltd. Recently, UTOF increased its stake in Amalgamated Telecom Holdings through a share-for-unit swap with the Unit Trust of Samoa and acquired 10 percent of SUN Insurance Company Ltd through a private placement, ahead of SUN’s Initial Public Offer open until July 31.