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Unit Trust Of Fiji Pays $367,000 Dividends To Government

Unit Trust of Fiji yesterday paid Government $367,000 dividend for the year 2015 and partially for the year 2014. The dividend payout for 2015 is $235,721 and $131,000 for 2014.
11 Aug 2016 11:23
Unit Trust Of Fiji Pays $367,000 Dividends To Government
Unit Trust of Fiji chief executive, Vilash Chand (left) hands over dividend cheque to Permanent Secretary for Public Enterprises, David Kolitagane. Photo: KATHRIN KRISHNA

Unit Trust of Fiji yesterday paid Government $367,000 dividend for the year 2015 and partially for the year 2014.

The dividend payout for 2015 is $235,721 and $131,000 for 2014.

Unit Trust of Fiji chief executive, Vilash Chand, announced that the company was undergoing major progress compared to years back.

“In terms of the number of investors we have in our portfolio, it has grown by around four per cent in 2015 from 15,512 shareholders to 16,111,” he said.

“It continues to grow in the current financial year.”

He also highlighted the Amalgamated Telecom Holdings Limited (ATH) investment was one of the good performing investments.

“In 2015, one of the significant investments was around $30 million where we acquired around 11 million shares from the Fijian Government related to ATH,” he said.

Permanent Secretary for Public Enterprises, David Kolitagane, congratulated Unit Trust of Fiji for the performance over the past year which currently has an investments portfolio of $127 million.

“If we go back five years, 2010 was a mere $68-70 million under the management and back in 2014, it went past the $100 million mark,” Mr Kolitagane said.

He further highlighted the increase in shareholders resulting in the increase in the overall dividend payout.

“We will be getting $367,000 today and some of the payments compared to five or ten years back, it was merely $80,000-$100,000, so the company has really grown,” he said.

“This has grown by 14 per cent between the period 2014 and 2015.”

The total dividend payout to the investors for the year 2015 was around $4.5 million, benefitting 16,000 investors.

 

More expectations

Mr Kolitagane added that Government is trying to increase efficiency and return on investments in the Unit Trust.

“As per the dividend policy, we are only getting 50 per cent of the total net profit. The company has really grown over the past decade.”

Mr Chand said investor confidence continues to be one of UTOF’s major drivers.

 

Edited by: RACHNA LAL

Feedback:  rachnal@fijisun.com.fj

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