Fijian Holdings Ltd (FHL) has allocated approximately $14.6 million out of a total of $50 million earmarked for its impact investment initiative. This initiative is focused on enhancing the economic empowerment of iTaukei resource owners. The information was shared during this year’s Ministry of iTaukei Resource Owners’ Forum held in Lami last month.
FHL’s chief executive officer, Jaoji Koroi, addressed participants in iTaukei, stating that this initiative is relatively new and forms part of the group’s three-year strategy aimed at promoting indigenous economic involvement and empowerment.
Previously, Mr. Koroi mentioned that FHL had reserved $50 million—representing 10 percent of its capital base—to support iTaukei businesses, contingent on proper business structuring for financing eligibility.
During the forum, he noted that the $14.6 million utilized so far has been directed toward equity in five joint venture projects with resource owners located in Taveuni, Savusavu, Korovou in Tailevu, Muaivuso, and Kalabu in Suva. The process involves landowners establishing a company, valuing their assets (typically land), and then approaching FHL with a 40/60 partnership proposal, with FHL holding the 60 percent stake.
Currently, FHL will concentrate on the five projects to ensure their success before considering additional commitments. Established 40 years ago by the Great Council of Chiefs, FHL has distributed $143 million in dividends to shareholders, starting from an initial capital of $30.4 million.
FHL is listed on the South Pacific Stock Exchange, and according to Mr. Koroi, its share value has increased more than ninefold over the past four decades. He also highlighted that 72 percent of FHL’s shares are collectively held by the iTaukei Affairs Board, the iTaukei Trust Fund, and the iTaukei Land Trust Board.