The iTaukei Land Trust Board (TLTB) has announced the approval by its board of the establishment of a holding company and its subsidiary that will spawn the organisation’s new commercial activities.
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 maximising benefits for landowners,” TLTB said in a statement.
“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,” Minister of iTaukei Affairs and chairman of TLTB Ifereimi Vasu said.
“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, TLTB stated.
It said the commercial arm will operate independently from TLTB’s core land administration activities to ensure that both governance and business operations are managed effectively to mitigate risks and deliver sustainable growth.
The new development, it added, 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.
TLTB holds in trust 91per cent of Fiji’s total landmass on behalf of 7747 iTaukei landowning units (yavusa, mataqali, tokatoka) leased out to over 53,000 tenants.
It collects annual lease rentals of over $53million and distributes around $100million a year in lease money to landowners.
TLTB’s new subsidiary holding company will ensure that part of this fund is reinvested on behalf of landowners to foster economic empowerment and enhance their participation in key sectors including investment advisory, land development, and property management.
