Background on Fijian Holdings Limited

Fijian Holdings Limited

FHL was formed in 1984 by the Great Council of Chiefs and the Fijian Affairs Board. Both the GCC and Board at the time were chaired by Ratu Sir Kamisese Mara as Minister for Fijian Affairs.

Established in 1984 from a vision of the Great Council of Chiefs to establish Fijian Holdings Limited with the sole purpose of accelerating Fijians’ participation in business, FHL is essentially an investment company whose shareholders are indigenous Fijians.

The first FHL Board was chaired by Lyle Cupit and the other members were government ministers – Ratu David Toganivalu (Minister), Mosese Qionibaravi (Finance Minister), Josefata Kamikamica (NLTB MD), Jone Naisara (Minister), Dr. Isireli Lasaqa (PS Fijian Affairs), Ratu Josaia Tavaiqia (Minister) and Mr. JS Thompson.

Over the years, FHL has grown its operations to include some large names in Fiji’s economy, which now form part of the FHL Group. Fijian Holdings Limited has been and continues to contribute to the economic development of this country.

The company has benefited from the vision and foresight of its pioneering leaders which included the late Ratu Sir Kamisese Mara and Founding Chairman Mr. Lyle Cupit and pioneer directors Ratu David Toganivalu, Dr. Isireli Lasaqa, Mr. J.S. Thompson, Mr. Josevata Kamikamica, Mr. Jone Naisara, Ratu Josaia Tavaiqia and Mr. Mosese Qionibaravi.

In 1984, Fijian Holdings was established with an initial funding of $1.2m. Of this amount, the Provincial Councils each contributed $50,000 whilst other contributions were provided from the Fijian Affairs Board, Native Land Trust Board and the Koula Trust. In 1991, after obtaining approval from the Fijian Affairs Board and Great Council of Chiefs, FHL opened its shareholding base to individuals. In 1993, FHL became a publicly listed company. In order to raise more equity, it undertook two public share offerings in May 1993 and February 1995.

The Company now has 9 subsidiary companies namely 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 & Investment Company Limited and FHL Retailing Limited.

In addition to its 9 subsidiaries, FHL also has 12 associated companies which are Goodman Fielder Fiji Limited, Golden Manufacturers Limited, Fijian Holdings Property Trust Fund, Fijian Holdings Unit Trust, Asian Paints (South Pacific) Limited, Marsh Limited, Amalgamated Telecom Holdings Limited, New World Limited, Goodluck Investments Limited, Sun Fiji Limited, Fiji Television Group and Fiji Sugar Corporation.

FHL was established in November 1984 with an initial funding of $1.2 million. Of this, each of the Provincial Councils paid $50,000 with other contributions came from the FAB, NLTB and the Koula Trust. In September 1989, as part of the Interim Government’s 9 Point Plan, $20 million was injected by the FAB to acquire B-Class shares. This money was used to acquire some key investments that now underpin the strength of FHL. In November 1991, FHL opened its shareholding base to individuals after approval from the FAB and the GCC. This was done to reduce dependence on Government, to broaden our equity base and to allow individuals to participate. In 1993, FHL became a public company but no change was made to the company’s restrictive clauses. In January 1997, the A-Class shares were listed on the then Suva Stock Exchange and had been trading ever since.

FHL Founders
Fijian Holdings Limited was established in November 1984 to fulfill the objective of the Great Council of Chiefs, of creating an entity that meaningfully represent indigenous Fijians in the business sector and ensure their meaningful participation in Fiji’s national economy.

At the 20th anniversary of FHL in 2005, longtime chairman Lyle Cupit paid tribute to Ratu Mara’s foresight and vision: “I therefore honour the late Turaga Bale Na Tui Nayau, Ratu Sir Kamisese Mara, whom I would attribute as the founder of FHL, both in his capacity in the Bose Levu Vakaturaga and in Government. His wisdom and foresight are truly our blessings.”

Cupit also acknowledged his longtime deputy chair, the late Josefata Kamikamica: “I also give my heartfelt gratitude to the late Josefata Kamikamica, who served as my deputy and as a founding director of the Company. He was the stalwart and stabling hand in our early years. His untimely passing in 1998 created a void that took time for the company to fill.”

Cupit also recognized the contributions of PM Qarase: “I must also acknowledge the current Prime Minister and Minister for Fijian Affairs, Hon. Laisenia Qarase who was also instrumental in the operational and strategic set up of Fijian Holdings.”

CUPIT SAYS SHARE PURCHASES WERE LAWFUL AND ABOVE BOARD
From Islands Business 2005 edition:
“Cupit defends the purchases and says he would today exactly follow the same path.

“What was done was clearly done in full disclosure and totally transparent, and if the governance framework was in place, it would have passed those deals.

“Those deals are clean. It’s people’s imagination that’s getting them wrong. They were clean. If we formed the company again and with the governance framework, it would still go through.”

From:http://www.islandsbusiness.com/fiji_business/index_dynamic/containerNameToReplace=MiddleMiddle/focusModuleID=3738/overideSkinName=issueArticle-full.tpl