August 12, 2016 7:00 am

Unit Trust of Fiji pays $367k in dividend to Government

The Fijian Government this week received a dividend of three hundred sixty-seven thousand dollars from the Unit Trust of Fiji (UTOF) for 2015 ($235,721) and $131,000 for 2014. Ministry of Public Enterprises Permanent Secretary David Kolitagane received the dividend cheque from UTOF Chief Executive Officer, Vilash Chand in Suva. Mr Kolitagane said the UTOF is […]

The Fijian Government this week received a dividend of three hundred sixty-seven thousand dollars from the Unit Trust of Fiji (UTOF) for 2015 ($235,721) and $131,000 for 2014.

The Permanent Secretary for Public Enterprises Mr David Kolitagane receives divident cheque from Unit Trust of Fiji CEO Mr Vilash Chand in Suva yesterday. (DEPTFO)
The Permanent Secretary for Public Enterprises Mr David Kolitagane (right) receives the dividend cheque from Unit Trust of Fiji CEO Mr Vilash Chand in Suva yesterday. (DEPTFO)

Ministry of Public Enterprises Permanent Secretary David Kolitagane received the dividend cheque from UTOF Chief Executive Officer, Vilash Chand in Suva.

Mr Kolitagane said the UTOF is a high performing state-owned entity with an investment portfolio of about $127 million, a growth of 14 percent from $113million in 2014.

KOLITAGANE: “If we go back five years, it was a mere $68million to $70million under management so that in itself is a big achievement for the company. Only in 2014, it went past the $100million mark. For such performance, it shows the level of confidence unit holders have who are investing into UTOF.”

He added that the Fijian Government was trying to increase efficiency and return on investments in the Unit Trust.

KOLITAGANE : “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 driving factors with the number of unit holders growing by 3.8 per cent to 16,111 this year.