Help Fiji tap into Pacific, PM urges FHL

October 28, 2009 01:41:00 PM

• A⁺ 
• A^-
• |
• 
• |
• 
• |
• 

Fiji’s Prime Minister Commodore Voreqe Bainimarama has urged indigenous investment conglomerate Fijian Holdings Limited (FHL) to take an innovative look into investment opportunities that will generate exports for Fiji, in the Pacific in particular.

Speaking at the opening of FHL’s silver jubilee celebrations at the Suva Civic Auditorium today, Bainimarama said Fiji must take advantage of her geographical location and exploit her advantages to trade more directly with Pacific island neighbours.

“My government shall continue to provide the right and targeted incentives to not only create a liberalised economy in Fiji but to encourage more companies to be publicly listed,” Bainimarama said.

“These measures of my government shall also encourage our local companies to be export oriented, open up new markets in the Pacific Islands, which I believe has been somewhat ignored, and to engage in import substitution.”

He congratulated FHL for making a profit of $55million in June this year.

“The extra ordinary results enabled the company to pay out special dividends to shareholders in October 2009,” Bainimarama added.

FHL was founded in 1984 to encourage native participation in the commercial sector.

It was established with an initial funding of $1.2million, of which the provincial councils each contributed $50,000 while other contributions came from the Fijian Affairs Board, Native Land Trust Board and the Koula Trust, Bainimarama said.

“Today Fijian Holdings is a major player in Fiji’s corporate sector,” he added.

The company now has nine subsidiaries including Basic Industries Limited, Fiji Industries Limited, Blue Lagoon Cruises Limited, Clariti (South Pacific) Limited, FHL Securities Limited, Fijian Property Trust Company Limited, Fijian Holdings Trust Management Limited, Merchant Finance and Investment Company Limited and FHL Retailing Limited.

It also has 12 associated companies and now has 842 shareholders.

Bainimarama went further to say that the company had paid out $59 million in dividends to shareholders since its inception.

FHL has a total investment portfolio of $142 million with annual group revenue of $213 million and group net assets worth $166.8 million.