The iTaukei Land Trust Board (TLTB) has announced the approval of a new holding company and its subsidiary, which will lead to the organization’s expansion into commercial activities. This new structure was created with the assistance of consulting firm PricewaterhouseCoopers (PwC), which provided guidance on the optimal approach for TLTB’s commercial initiatives.
The report from PwC includes a comprehensive assessment of legal, financial, and operational frameworks to ensure adherence to Fijian laws, while also enhancing benefits for landowners. It emphasizes the structural flexibility, allowing for strategic partnerships and potential future developments in joint ventures and credit finance institutions.
Minister of iTaukei Affairs and TLTB Chairman Ifereimi Vasu described the creation of this holding company and its subsidiary as a significant advancement for TLTB. He noted that it would enable the diversification of business operations, promote economic empowerment for landowners, and generate new wealth creation opportunities.
This move is in line with TLTB’s overarching strategy to bolster the economic engagement of iTaukei landowners. The new commercial arm will function independently from TLTB’s core land administration to effectively manage governance and business operations, thereby reducing risks and fostering sustainable growth.
The initiative is part of TLTB’s aim to transition towards broader commercial activities, intended to produce sustainable income and long-term economic prospects for iTaukei landowners. TLTB currently manages 91% of Fiji’s total land area on behalf of 7,747 iTaukei landowning units, leasing to over 53,000 tenants.
With annual lease rentals exceeding $53 million, TLTB distributes around $100 million annually to landowners. The establishment of the new subsidiary holding company will ensure that a portion of these funds is reinvested to promote economic empowerment and enhance landowners’ involvement in critical sectors like investment advisory, land development, and property management.