Approximately 30,000 iTaukei minor investors, whose funds are managed by the iTaukei Land Trust Board (TLTB), have recently received a dividend payout of about $900,000 from the Unit Trust of Fiji (UTOF). TLTB’s CEO, Solomone Nata, announced that this payout is the initial distribution for the first half of the investment period, spanning from January 1 to June 30, 2024.
Nata expressed satisfaction with the emergence of benefits from the organization’s key investment portfolios, highlighting the positive outcome anticipated for young landowners whose land is leased through TLTB.
Last June, TLTB made a strategic decision to shift funds from HFC Bank to UTOF for iTaukei landowners under the age of 18, aiming to diversify their investment portfolio. Currently, around 32,941 individual iTaukei children fall under this category, collectively holding lease entitlements totaling $69 million. The funds accumulated for these minors, alongside dividends, will be distributed when they turn 18 years old.
UTOF boasts a diverse investment portfolio, including shares in several private and public companies, such as HFC Bank, Fiji Gas, Flour Mills of Fiji (FMF), and South Sea Towage Ltd. Recently, UTOF has boosted its stake in Amalgamated Telecom Holdings (ATH) through a share-for-unit swap with the Unit Trust of Samoa and has acquired a 10 percent interest in SUN Insurance Company Ltd.