Approximately 30,000 iTaukei minor investors, whose funds are managed by the iTaukei Land Trust Board (TLTB), have recently received a dividend payout of around $900,000 from the Unit Trust of Fiji (UTOF). TLTB’s chief executive officer, Solomone Nata, announced that this dividend is the first payment for the investment period running from January 1 to June 30, 2024.
Nata expressed satisfaction at the emergence of benefits from key investment portfolios, emphasizing the positive impact on young landowners whose land leases are managed by TLTB.
In June of the previous year, TLTB made a strategic decision to transfer funds held in trust for iTaukei landowners under the age of 18 from HFC Bank to UTOF in order to diversify their investment portfolio. Currently, there are around 32,941 individual iTaukei children in this category, collectively entitled to lease funds amounting to $69 million.
The funds managed by TLTB for these minors, which will include the dividends, will be distributed once they turn 18. UTOF’s diverse investment portfolio features investments in both private and public sectors, including HFC Bank, Fiji Gas, Flour Mills of Fiji, and South Sea Towage Ltd.
Recently, UTOF has also expanded its shareholding in Amalgamated Telecom Holdings through a share-for-unit swap with the Unit Trust of Samoa and gained a 10 percent stake in SUN Insurance Company Ltd.