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 presented at the Ministry of iTaukei Resource Owners’ Forum held in Lami last month.
FHL’s chief executive officer Jaoji Koroi addressed the participants in iTaukei, noting that this initiative is relatively new and is part of the investment group’s three-year strategy focused on promoting the economic participation and empowerment of indigenous people.
Last year, Mr. Koroi mentioned that FHL had earmarked $50 million, amounting to 10 percent of its capital base, to support iTaukei businesses, emphasizing that these businesses need to be well-structured to be eligible for funding.
During the forum, he highlighted that the $14.6 million invested so far has been allocated to equity in five joint venture projects with resource owners located in Taveuni, Savusavu, Korovou in Tailevu, Muaivuso, and Kalabu in Suva.
He explained that the partnership process typically involves landowners forming a company, placing their assets (usually land) into it, having it valued, and then approaching FHL with a proposed 40/60 ownership split, where FHL would hold 60 percent.
Currently, FHL plans to concentrate on the five selected projects and assess their progress before considering any additional investments.
Founded 40 years ago by the Great Council of Chiefs, FHL has distributed $143 million in dividends to shareholders, originating from an initial capital of $30.4 million. FHL is listed on the South Pacific Stock Exchange, and its share value has reportedly increased more than ninefold since its inception.
Mr. Koroi also shared that 72 percent of FHL shares are collectively owned by the iTaukei Affairs Board, the iTaukei Trust Fund, and the iTaukei Land Trust Board.