Fijian Holdings Ltd (FHL) has allocated approximately $14.6 million of the $50 million earmarked for its impact investment initiative, which aims to enhance the economic empowerment of iTaukei resource owners. This was announced at the Ministry of iTaukei Resource Owners’ Forum held in Lami last month.
FHL’s chief executive officer, Jaoji Koroi, addressed the attendees in iTaukei, emphasizing that this initiative is a relatively new component of the investment group’s three-year strategy, intended to promote indigenous economic participation and empowerment.
In a previous statement, Mr. Koroi mentioned that FHL had set aside $50 million, representing 10 percent of its capital base, to support iTaukei businesses. He noted that these businesses must be properly structured to qualify for financing.
During the forum, Mr. Koroi clarified that the $14.6 million disbursed so far has been allocated for equity in five joint venture projects involving resource owners located in Taveuni, Savusavu, Korovou in Tailevu, Muaivuso, and Kalabu in Suva.
He explained that the partnership model requires landowners to form a company, contribute their assets (usually land), obtain a valuation, and then approach FHL with a proposal for a 40/60 ownership arrangement, where FHL would hold 60 percent.
Currently, FHL intends to concentrate on these five projects and ensure their development before considering any additional ventures.
Established 40 years ago by the Great Council of Chiefs, FHL has distributed $143 million in dividends to its shareholders, starting from an initial fund of $30.4 million. The company is publicly traded on the South Pacific Stock Exchange and has experienced a share value increase of more than nine times since its inception, as noted by Mr. Koroi.
He further mentioned that 72 percent of FHL shares are collectively held by the iTaukei Affairs Board, iTaukei Trust Fund, and the iTaukei Land Trust Board.