SALUTATION
Turaga Na Qase Levu ni Lotu Wesele e Viti kei Rotuma
Turaga Tui Suva
Honourable Ministers, Members of Parliament
Liuliu ni Bose Levu VakaTuraga
Members of the Diplomatic Corp
Chairman and Board of Fijian Holdings Limited
Distinguished guests, ladies and gentlemen.
Bula vinaka, Namaste, and a very good morning to you all.
Firstly, I acknowledge and pay my respect to the traditional custodian of the land who accommodates us today. To the past, current and emerging Chiefs and people. Ni bula vinaka na iTaukei Nadonumai na Turaga Na Tui Suva. Vinaka Vakalevu na veiciqomi ni vanua ena kena vakayacori na soqo lagilagi e daidai.
A DAY TO CELEBRATE
Today we gather to celebrate a remarkable milestone, the opening of the FHL Tower. It rises proudly in the heart of Suva, not only as a building of steel and glass but as a reflection of what can be achieved through a clear vision, courage and determination. I am told that it has taken 7 years to complete this project, with a lot of challenges faced during the construction phase. The Covid19 pandemic in 2020 and 2021 was a real obstacle to the project, with material and labour shortages, escalating costs, and inability to work on site.
As we look back during this difficult period, we must acknowledge and give thanks first and foremost to the Almighty God. There is no doubt that His Grace and Faithfulness has endured during the 7 years and as we dedicate this building, we pray for His continued blessing upon it and the FHL Group.
FHL Origin & Purpose
Fijian Holdings Limited was established in 1984 under a mandate of the Bose Levu Vakaturaga, with a simple yet powerful purpose: to accelerate the participation of iTaukei in the economic sectors. This is to ensure that the iTaukei people were not only by-standers in the economy but active participants, owners, investors and leaders in Fiji’s economic sectors. It was a vision rooted in justice, inclusiveness and empowerment. Underpinning this vision is the strong belief that economic participation is a sustainable pathway to dignity, economic wellbeing and national security. That vision remains true today as it was 40 years ago.
Following the resolution of the Bose Levu Vakaturaga in Bau in 1983, the Fijian Affairs Board was actively involved in the establishment of what is now Fijian Holdings Limited. The initial plan was for each of the 14 Provincial Councils to raise $50,000 totalling $700,000 to be the equity to acquire Burns Phillips – which was a prominent trading company in Fiji in those days. This did not eventuate as there were resistances from some Provinces and some strong public opinion against the initiative. The Native Land Development Cooperation (NLDC) was used initially to administer the affairs of FHL, and after 2 years of capital raising, there were 15 shareholders with a total share capital of $1.145 million issued in 1985. Only 10 of the provinces participated in this capital raising and the Native Land Trust Board was the major shareholder holding 44% of the issued capital at that time. It clearly demonstrated that without a solid capital base, it was difficult to establish a strong business. This capital was used to acquire Basic Industries Limited the first investee company of FHL.
The major break-through for FHL came in 1989 as part of the then Interim Government’s 9-Point plan for Indigenous participation in business. Under this plan, a $20 million concessional loan was channelled through the Fijian Affairs Board to acquire $20 million B-Class shares in FHL. Further capital raising totalling $8 million were made in 1993 and 1995 where individuals, Tikinas and family-owned companies were allowed to shares in FHL. The total capital raised for FHL was $30.4 million. FHL was listed on a restricted board of the Stock Exchange in 1997, to allow liquidity for investors. Shareholding for FHL is restricted to iTaukeis registered in the Vola ni Kawa Bula.
FHL AT A GLANCE
From that humble beginning, FHL stands today as a strong conglomerate with a proven track record. I must thank those pioneers who have dedicated their lives to building a strong foundation of FHL. The contributions of the first Chairman the late Mr. Lyle Cupit, and the Deputy Chairman, the late Mr. Laisenia Qarase stood out. Their legacy will remain with FHL forever. There are others who have helped as former directors and workers of FHL, and we acknowledge their contributions as we stand on their shoulders today. I believe some former directors and employees are with us this morning, including the first CEO, Mr. Sitiveni Weleilakeba.
Over the last 4 decades, FHL has grown from an idea into a Group that reaches across construction, finance, retail, tourism, manufacturing sectors. FHL has become a major institutional investor for iTaukeis owning major companies including South Sea Cruises Limited, Merchant Finance, RB Patel Group, Basic Industries and Pacific Cement Limited. It also fully owns FHL Properties Limited which owns the Ra Marama Building, Ratu Sukuna House, Vanua House and the FHL Tower whose opening we are celebrating today. Through these investments, FHL has created new jobs, supported local businesses and shown that Fijians can build enterprises that stand proudly among the best in our region. The FHL Group employs close to 2,000 workers and pays close to $20m in direct and indirect taxes to the Government.
FHL has operated through recessions, pandemics and shifting market conditions, and has remained steadfast proving that with integrity, discipline and purpose, local leadership can deliver world-class results. It has become a beacon of hope for iTaukeis in Fiji’s business sector.
At June 2025, FHL Group’s total assets have grown to $917 million and is on track to grow over $1 billion dollars in this financial year. The Group recorded a net profit of $60 million in the last financial year, down from a record $70 million a year earlier. Through dividend distribution, FHL has distributed over 5 times the initial capital to its shareholders and have grown the value of the initial investments by over 10 times. In simple terms, if you were one of the original shareholders of FHL, you would have now gained 15 times your investments in both dividends received and share value appreciation. This record places FHL amongst the top tier businesses in Fiji with a strong and trusted brand for iTaukei community.
THE FUTURE IS BRIGHTER
Fijian Holding Group’s strategic direction in the next 3 years is anchored on the theme “Growing into new Frontiers in Pursuit of our purpose”. This theme will underscore some bold investments including the upgrade of the cement mill in Lami, the broadening of product offering by Merchant Finance and some strategic investments by South Sea Cruises in the Tourism sector. FHL Group has an investment pipeline of close to $200 million in the next 3 years, which is a strong vote of confidence to the economy and Fiji.
Perhaps the most significant change by FHL is the allocation of 50 million dollars to be invested directly with landowners to unlock their resources. Through a Joint Venture model, FHL will contribute cash equity to landowner companies and jointly develop their businesses. FHL has launched its first impact investment with the Nawaibuta landowners in Korovou Tailevu to build a commercial complex in Korovou town. Few other projects are on the way including a commercial complex in Tacirua with a landowner group of Kalabu, as FHL continues to find ways to integrate more iTaukei meaningfully in Fiji’s economic sectors. Like any new initiative, this will not be easy and we would encourage your patience and support as FHL explore new frontiers to meeting its purpose. As we look ahead, FHL’s focus on impact investment marks a new chapter, where success is defined not only by profit but also by purpose.
FHL TOWER – FIJI’S FIRST GREEN BUILDING
The FHL Tower is an 18-storey building with a total floor area of 18,650 square metres of gross floor area. The Tower is designed with 11-green features including efficient energy system, fully integrated building management system, water harvesting and reticulation amongst others. I have been told that the Tower will be put to an independent certification to become Fiji’s first green building.
The FHL Tower stands as a declaration of confidence that Fiji can dream boldly, plan wisely and deliver with excellence. The Tower will be home to key development partners, embassies and prominent businesses including the Asian Development Bank, who have moved from June, the Bred Bank who are the main financier and will take signage rights, the United Nation Development Program, the International Monetary Fund, Korean Embassy, the New Zealand Trade, Amalgamated Telecom Holdings, Maxumise, Merchant Finance and FHL. Level 18 will have meeting facilities. I am pleased to note that the Tower will be fully tenanted by first half of 2026.
APPRECIATION
Today we honour those who came before us and those who continue to carry that mission forward, the Board, management and employees whose service strengthens both FHL and our economy. We see in it the same conviction that drives our national vision to build a Fiji that is modern, resilient and united. Let this Tower remind us that our greatest achievements do not happen by chance, they happen by choice, by effort and by faith. To our young people: this Tower belongs to you as much as it belongs to those who owns it.
Progress is not imported; it is imagined, built and sustained. When vision is matched with effort and leadership is guided by service, there is no limit to what Fiji can achieve.
The FHL Tower is more than a symbol of what we have built; it is a reflection of who we are:
Vinaka vakalevu, Dhanyavaad, Fai‘aksia. May God bless you all and our beloved Fiji.
End