PUBLICLY-listed iTaukei investment conglomerate Fijian Holdings Ltd (FHL) has entered into a partnership with Cakaudrove Provincial Holdings Company Ltd (CPHCL) as part of its Impact Investing portfolio. In its latest February 2025 newsletter, FHL revealed that both parties have formalized the agreement through a redeemable preference shares agreement, with FHL investing $4 million in redeemable preference shares.
“The investment will contribute to CPHCL’s commercial development at Natuvu, Savusavu.
“The project involves constructing a two-storey commercial building, with RB Patel and Vinod Patel as the anchor tenants.
“This initiative aligns with FHL’s commitment to fostering economic growth through strategic investments.”
In 2023, at the launch of FHL’s investing for impact initiative, designed for indigenous economic participation and empowerment, FHL chief executive officer Jaoji Koroi had told this newspaper that the company had set aside $50million, which translated to 10 per cent of its capital base, to help fund iTaukei businesses under the initiative.
At last year’s 2024 annual general meeting in October, Mr Koroi told shareholders that FHL had committed about $14.6m of that fund for equity participation in five joint venture projects with resource owners in Taveuni, Savusavu, Korovou in Tailevu, Muaivuso and Kalabu in Naitasiri.
Its partnership with CPHCL was identified as one of the projects.
Mr Koroi said FHL will focus on the five projects and see them to maturity before taking on additional commitment.
FHL is listed on the South Pacific Stock Exchange (SPX) restricted board as its shareholding is restricted only to iTaukei investors whose names appear in the Vola ni Kawa Bula or the iTaukei ethnic registry.
Its shares last traded at $1.09 a share when this edition went to press.
NOTE: This article was first published in the print edition of the Fiji Times dated FEBRUARY 12, 2025.
