The iTaukei Land Trust Board (TLTB) has officially announced the approval for the creation of a holding company and its subsidiary, which are set to initiate the organization’s new commercial ventures. The framework for these new entities was crafted with the assistance of the consulting firm PricewaterhouseCoopers (PwC), which offered expert guidance on how to best structure TLTB’s commercial operations.
According to TLTB, the PwC report presents an in-depth analysis of legal, financial, and operational frameworks to ensure alignment with Fiji’s regulations while also maximizing advantages for landowners. The report underscores the adaptability of this structure, incorporating options for strategic alliances and potential expansions into joint ventures and credit finance institutions.
Ifereimi Vasu, Minister of iTaukei Affairs and chairman of TLTB, expressed that this development marks a significant advancement for TLTB. It will enable the organization to diversify its business functions, enhance economic self-sufficiency among landowners, and create fresh avenues for wealth generation.
This decision by the board is in line with TLTB’s comprehensive strategy aimed at increasing economic engagement among iTaukei landowners. The commercial wing will function separately from TLTB’s main land administration tasks to ensure effective governance and business practices, thereby minimizing risks and promoting sustainable growth.
The newly established entities will promote a transition towards wider commercial activities intended to generate enduring income and opportunities for economic advancement among iTaukei landowners. TLTB manages a vast 91% of Fiji’s land on behalf of 7,747 iTaukei landowning units that lease land to more than 53,000 tenants. TLTB collects over $53 million in annual lease rentals and allocates around $100 million each year to landowners.
Furthermore, TLTB’s new subsidiary holding company will guarantee that a portion of these funds is reinvested for the benefit of landowners, thereby supporting economic growth and enhancing involvement in vital sectors such as investment advisory, land development, and property management.