Approximately 30,000 iTaukei minor investors, whose funds are held by the iTaukei Land Trust Board (TLTB), recently received a dividend payout of around $900,000 from the Unit Trust of Fiji (UTOF). TLTB’s CEO, Solomone Nata, announced that this payout represents the initial distribution for the first half of the investment period, covering January 1 to June 30, 2024.
Nata expressed satisfaction with the performance of their key investment portfolios, stating that they are pleased to see the anticipated benefits materializing for the young landowners whose lands are leased by TLTB.
In June of the previous year, TLTB made a strategic decision to transfer the funds held in trust for iTaukei landowners under 18 years from HFC Bank to UTOF in order to diversify their investment strategy. Currently, there are around 32,941 individual iTaukei children in this category, with total lease entitlements amounting to $69 million.
The funds, managed by TLTB on behalf of these minors, will be released, along with any dividends, once they reach the age of 18. UTOF’s diversified investment portfolio includes shares in both private and public companies, including HFC Bank, Fiji Gas, Flour Mills of Fiji (FMF), and South Sea Towage Ltd.
Recently, UTOF has also increased its holdings in Amalgamated Telecom Holdings (ATH) via a share-for-unit swap with the Unit Trust of Samoa and obtained a 10 percent stake in SUN Insurance Company Ltd.