BOSE: BA PROVINCIAL

Holdings Company Limited expects substantial profit

The Ba Provincial Holdings Company Limited is expected to announce a comprehensive profit for the year 2019 soon, which is expected to be in the millions. Company chief executive officer Isimeli Bose said he could not reveal the exact figures of their financial report which was discussed at their board meeting at Rogorogoivuda House in Lautoka on Friday.

The profit is a substantial increase from the company’s 2018 financial year which was $561,560.

“While companies are being hit by the COVID-19 pandemic, and revenue has decreased, we have done well so far,” Mr Bose said.

At the board meeting, chaired by Luke Ratuvuki, agreed to a 10 per cent dividend share for its shareholders.

About the shareholders

The company had 593 shareholders but that has increased to 597 after the the Friday meeting with the new shareholders being:

■the Soqosoqo ni Marama Yasana O Ba,

■Soqosoqo ni Youth Yasana O Ba

■Bose ni Momo Yasana O Ba.

■a■d the Ba Provincial Council Office which has been given Class A shares.

Mr Bose said he was elated with the new shareholders appointed especially for the council office. The other 593 shareholders are made of 451 Tokatokas and 142 registered Mataqalis.

Meanwhile Mr Bose said the company has not made any of its staff redundant during this present crisis and there has been no discussions with regards to the issue.

He also noted that the company has not would up business but was seeking legal advice over the matter.

This is an ongoing issue involving a dispute with a law firm.

Background

The Ba Provincial Holding Company Limited was established in 1995 following a resolution by the Chiefs of Ba Province to pursue commercialisation of its assets previously held by the Ba Provincial Council.

The result was the establishment of a multi-million dollar limited liability private company with its main focus on real estate.