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1st Quarter, 2005
Natadola First FNPF Investment Under New Subsidiary
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With a 51% shareholding in the Natadola Land Holdings Ltd that owns about 638 hectares, the FNPF has made its first major investment under its new subsidiary company, FNPF Investment Ltd.
It is part of the FNPF stated policy to increase returns to members by diversifying investments and reducing overall risks.
FNPF Investments Ltd was created by the Board of Trustees as a means to allow the Fund to invest in properties outside the restrictions of the Trustee Act. It was declared legal under the powers of the Attorney General.
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This followed consulations with key stakeholders including the Labour Advisory Board. The land will include the sites for the new InterContinental Hotel, the Vijay Singh designed Natadola Golf & Ocean Club and residential blocks.
"It is a win-win situation, for not only will the members get a better return on the investment, the country will also benefit through an expected 1,500 direct employment, with an additional 3,000 jobs created, and substantial foreign exchange earnings, " said Chief Executive and General Manager of the FNPF Olota Rokovunisei. The FNPF will continue to invest in opportunities, allowed under the Trustee Act.
"We believe that the new subsidiary company will have a significant impact on improving returns," said Mr Rokovunisei.
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