Fijian Holdings Ltd (FHL) has signed its first two impact investing initiatives in partnering with iTaukei businesses and resource owners.
FHL subsidiary FHL Media Pte Ltd has signed the Shareholders’ Agreements with two Fiji-owned limited liability companies with the objective of developing lands into commercial properties.
In a statement released on the South Pacific Stock Exchange (SPX), FHL stated that it had invested into CBayview Enterprises Pte Ltd as a joint venture partner with the aim of developing an identified piece of land into a commercial property development.
CBayview was established by the Raibevu Family Trust – who are members of the mataqali (landowning unit) Nawavatu and yavusa Matanikorovatu of Kalabu Village – and it leases about 1.3 acres of land at the junction of Princes Rd and Khalsa Rd in Tacirua, and adjacent to the Tacirua Police Post.
The Shareholders’ Agreement was signed on October 6, 2023.
FHL media has also partnered with Domaine Pte Limited – a limited liability company estalibhsed by Fiji businessman Wah Sing Yee, which owns 17.05 acres of freehold land at Naqara on Taveuni.
“FHL, through FHL Media, will partner with Mr Yee through a JV (joint venture) in Domaine to develop the kand with the objective to create a commercial and distribution hub, which will open up opportunities for the people of Taveuni,” the company stated.
“FHL and Mr Yee share a uniformed vision of ultimately exiting the JV over time to allow iTaukei businesses and resource owners to buy into the company and have a direct participation in this commercial venture.”
The Shareholders’ Agreement for that venture was signed on September 27, 2023.
It stated the two signings were the “genesis of a partnership model that FHL intends to adopt to achieve its core purpose of accelerating the participation of iTaukei in the commercial purpose and in doing so, enhance their socio-economic standard”.