Fijian Holdings Ltd (FHL) has allocated approximately $14.6 million from a total of $50 million designated for its impact investment initiative, which aims to enhance the economic empowerment of iTaukei resource owners. This information was shared during the recent Ministry of iTaukei Resource Owners’ Forum held in Lami last month.
Jaoji Koroi, FHL’s chief executive officer, addressed the attendees in iTaukei, explaining that the initiative is relatively new and part of the investment group’s three-year strategy to promote indigenous economic participation and empowerment.
Last year, Koroi informed this publication that FHL had earmarked $50 million, representing 10 percent of its capital base, to support iTaukei businesses, emphasizing that these businesses must be well-structured to qualify for funding.
At the forum, he noted that the $14.6 million utilized thus far has been invested as equity in five joint venture projects with resource owners located in Taveuni, Savusavu, Korovou in Tailevu, Muaivuso, and Kalabu in Suva.
Koroi explained that the partnership process typically involves landowners forming a company, valuing their assets—usually land—and then approaching FHL with a proposal for a 40/60 ownership split, with FHL obtaining 60 percent.
For now, FHL plans to concentrate on the development of these five projects before exploring any additional investments.
Founded 40 years ago by the Great Council of Chiefs, FHL has distributed $143 million in dividends to shareholders since its inception, starting with an initial capital of $30.4 million. It is listed on the South Pacific Stock Exchange, and its share value has increased more than ninefold over the past four decades, as stated by Koroi.
He also mentioned that currently, 72 percent of FHL shares are collectively owned by the iTaukei Affairs Board, iTaukei Trust Fund, and the iTaukei Land Trust Board.