Pine Landowners Offered Govt Shares

Pine landowners were given the opportunity to purchase Government’s 99.96 per cent share in Fiji Pine Group of Companies.

“We are encouraging you to redeem Government’s 99.96 per cent redeemable shares to be able to own the industry and appreciate its full benefits,” Acting Minister for Fisheries and Forests Jese Saukuru said during the lease security bonus payments (LSBP) of $6 million to pine landowners yesterday.

LSBP was introduced in 2013 and until 2022 a total of $36.5 million has been paid out to the pine lease landowners.

Mr Saukuru said with the 2023 payout, the total LSBP since its inception amounted to $42.5 million, marking the 10th consecutive year where Pine Group has been paying out dividends.

“Not so long ago, the pine industry was struggling and on the verge of collapse.

“It was you the landowners that had to make a lot of sacrifice to turn this around.”

Mr Saukuru said the industry provided returns to landowners lease premium paid at the time of leasing land, annual lease rental paid on a six-monthly basis, stumpage paid when the forest is harvested and the Landowner Community Development Fund introduced recently to fund landowner-based community projects and various landowner engagements in operations.

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