The iTaukei Land Trust Board (TLTB) has officially announced the creation of a holding company and its subsidiary, which will initiate new commercial ventures for the organization. This strategic decision is the result of a collaboration with the consulting firm PricewaterhouseCoopers (PwC), which provided valuable insights into the optimal framework for TLTB’s commercial division.
According to TLTB, the PwC report offers an in-depth evaluation of legal, financial, and operational frameworks to ensure adherence to Fijian laws while maximizing advantages for landowners. The report emphasizes the adaptable nature of the structure, including options for forming strategic partnerships and future expansions into joint ventures and credit financing institutions.
Minister of iTaukei Affairs and chairman of TLTB, Ifereimi Vasu, remarked that establishing this holding company and its subsidiary is a significant advancement for TLTB. He stated that it would enable the organization to diversify its business activities, empower landowners economically, and create new wealth-generation opportunities.
The board’s resolution is part of TLTB’s larger strategy to enhance the economic involvement of iTaukei landowners. TLTB indicated that the commercial arm will function independently from the organization’s main land administration functions, ensuring effective management of both governance and business operations to minimize risks and promote sustainable growth.
This new initiative aims to transition TLTB towards broader commercial undertakings aimed at generating sustainable income and long-term economic prospects for iTaukei landowners. TLTB currently manages 91 percent of Fiji’s landmass on behalf of 7,747 iTaukei landowning units, which lease land to over 53,000 tenants.
The organization generates more than $53 million in annual lease rentals and distributes approximately $100 million annually to landowners. The newly formed subsidiary holding company will ensure a portion of these funds is reinvested for the benefit of landowners, promoting economic empowerment and enhancing their involvement in key industries such as investment advisory, land development, and property management.