Launch of Upgraded Microsoft Business Central Financial System
September 24, 2024
iTaukei Development Fund
September 25, 2024
September 19th, 2024:
The iTaukei Land Trust Board (TLTB) is pleased to announce the approval of the establishment of a Holding Company and its subsidiary to spearhead TLTB’s new commercial activities.
This significant decision was made during its 463rd Board Meeting held on Thursday, 19 September 2024.
The move marks a major milestone as TLTB embarks on a New Business Direction, aimed at empowering iTaukei landowners through commercial ventures.
This new development will facilitate TLTB’s shift towards broader commercial activities designed to generate sustainable income and wealth creation, and long-term economic opportunities for iTaukei landowners.
The Board is committed to ensuring that these initiatives foster economic empowerment and enhance participation in key sectors, including investment advisory, land development, and property management.
The structure of the new entities was developed in collaboration with Consulting Firm PricewaterhouseCoopers (PwC), who provided expert advice on the best approach for TLTB’s commercial arm.
The PwC report, includes a detailed analysis of legal, financial, and operational structures to ensure compliance with Fiji’s laws while maximizing benefits for landowners.
The report also highlights the flexibility of the structure, which includes provisions for strategic partnerships and potential future expansion into joint ventures and credit finance institutions.
“The establishment of this Holding Company and its subsidiary represents a critical step forward for TLTB,” said Minister of iTaukei Affairs and Chairman of TLTB Hon. Ifereimi Vasu.
“It will allow us to diversify our business operations, promote economic empowerment for landowners, and create new opportunities for wealth generation.”
The Board’s decision aligns with TLTB’s broader strategy of enhancing iTaukei landowners’ economic participation.
The commercial arm will operate independently from TLTB’s core land administration activities, ensuring that both governance and business operations are managed effectively to mitigate risks and deliver sustainable growth.
For more information, please contact Mr Salimoni Karusi, Board Secretary on 9995885.