Fijian Holdings Limited ("FHL") announced that the Board has approved a new Management Structure that will lead to the consolidation of the common services platforms within the Group.

Announcing this decision, FHL Chairman Mr Lyle Cupit said that the new management structure will consolidate the management of Fijian Holdings Limited, Merchant Bank Finance & Investment Company Limited, Fijian Property Trust Company Limited, Hinterland Fiji Limited, Fijian Holdings Trust Management Limited and FHL Securities Limited under one Managing Director. In addition, three new General Manager positions had been created between these subsidiaries. These are General Manager Investments, General Manager Finance and Administration and General Manager Merchant Finance. More operational accountabilities had been delegated to these General Manager positions.

Mr Jaoji Koroi had been appointed General Manager Investments and Mr Pramesh Sharma as General Manager for Merchant Finance & Investments Company Limited. Mr Koroi will be operationally responsible for Fijian Holdings Unit Trust Management Limited, FHL Securities Limited, all its commercially rented properties and the investment arm of Fijian Holdings. Mr Parmesh Sharma who was General Manager Operations is now operationally responsible for Merchant Finance & Investment Company Limited. An appointment is yet to be made for the General Manager Finance and Administration position, which will be accountable for the accounting, treasury, finance and administration functions for all these entities.

Mr Cupit said that the initial focus has been to first establish a workable and effective management structure. "Whilst some surpluses has been identified, it is envisaged that major cost savings will emanate as we progress to other subsidiaries," he added. According to Mr Cupit one of the key outcomes is that this change will create clearer platforms for succession planning within the Group by allowing for a broader base for trading.

The FHL Managing Director Mr Sitiveni Weleilakeba, said that FHL is mindful of the need to appoint qualified and experienced persons to be responsible for these entities. " As the head of these companies, FHL is fully aware of its primary responsibility to ensure that property qualified persons are appointed for the job and where possible our staffs are given the first preference, a results of the many years of training and development".

FHL is confident of both Mr Koroi’s and Mr Sharma’s capabilities to take on these responsibilities. The new postings take effect from 1 July 2004.