“The Visions of a few has created prosperity for many”
Chairman of the Bose Levu Vakaturaga
Honourable Members of Parliament
Members of the Diplomatic Corps
Distinguished Guests
Shareholders


Ladies and Gentlemen

I join the Directors, the Management and the staff of Fijian Holdings Limited and its Subsidiary Companies to welcome you all and to thank you for being here with us to witness another important milestone in FHL’s corporate progress.

The main purpose of this gathering is to commemorate the 20-Years of achievement for Fijian Holdings Limited and its Group of Companies. As you would have noted, the Theme of our weeklong celebration is “Success Through Team Work”. Underpinning this theme is our belief that strong teamwork involving all our stakeholders – the government, shareholders, directors, management & staffs, and our business partners – had all contributed to our achievement.  Therefore I must acknowledge all your contributions in making FHL a success.

Ladies and Gentlemen, the FHL story originated with a vision 20 years ago.  I must begin by giving credit to a few, whose foresight and visions have created our prosperity today.  I acknowledge the Bose Levu Vakaturaga in its wisdom to establish Fijian Holdings Limited with a sole purpose of accelerating Fijians’ participation in business.  This is a momentous task, but not insurmountable. Few individuals put this vision into reality.

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. 

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.

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.

Ladies and Gentlemen, our history in the last 20 years is familiar to most you.  Allow me to restate some key dates and milestones over this period.

• 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.

Ladies and Gentlemen, some of our key financial achievements in the last 20 years are:

• FHL Group Total Assets is now approaching $200M,
• FHL has paid out close to $37M in dividends to shareholders,
• Shareholder funds has grown by almost four times, from initial capital of $30M, net assets now at $113M,
• FHL has investments in 25 strong companies,
• Group profits now exceeding $12M per year,
• Share price grew by 85% since listing in 1997,
• We have trained close to 30 young graduates under our Management Training scheme,
• There is no doubt that FHL is now the Flagship for Fijian Business.

These results would not have been achieved without the foresight of the directors and the hard work of our employees.  I take this opportunity to acknowledge all their contributions and dedication to our course.

Ladies and Gentlemen, 20 years ago it was only a dream, today it’s becoming a reality, and the future is only brighter.  Please join me in wishing FHL all the best as it take another leap in its corporate journey.

Thank you very much and we wish you well in this festive session.