Approximately 30,000 iTaukei minor investors have recently received a dividend payout of around $900,000 from the Unit Trust of Fiji (UTOF), with their funds held in trust by the iTaukei Land Trust Board (TLTB). TLTB’s chief executive officer, Solomone Nata, announced that this dividend marks the first payment for the initial six months of the investment period, from January 1 to June 30, 2024.
Nata expressed satisfaction with the emergence of benefits from their key investment portfolios, emphasizing that this outcome aligns with their expectations for young landowners whose properties have been leased through TLTB.
In June of the previous year, TLTB made a strategic decision to transfer funds held in trust for iTaukei landowners under 18 from HFC Bank to UTOF, aiming to diversify the investment portfolio. Currently, about 32,941 individual iTaukei children are included in this category, collectively holding lease entitlements valued at approximately $69 million.
The funds managed by TLTB on behalf of the minors will be distributed, including dividends, once the beneficiaries turn 18. UTOF’s investment portfolio spans across a variety of sectors, featuring stakes in both private and public companies, including HFC Bank, Fiji Gas, Flour Mills of Fiji, and South Sea Towage Ltd. Recently, UTOF has also enhanced its shareholding in Amalgamated Telecom Holdings through a share-for-unit swap with the Unit Trust of Samoa and acquired a 10 percent stake in SUN Insurance Company Ltd.