Optimistic outlook
A COMMUNAL investment company is optimistic and looks into the entrepreneurial horizon with much hope that its current and future investments will continue to pay and some dividends to the owners of the company — the shareholders.
Vanuabalavu Vision Ltd (VVL) chairman Kiniviliame Keteca made the statement as the company signed a new contract with Brighton Holdings (Fiji) Pte Ltd for the construction of a property at Nasese, Suva.
Mr Keteca said they signed the contract on Thursday last week with the company which is trading as Boutique Builder.
“The project, worth a few million dollars, will be the latest addition to the investment property portfolio of Vanuabalavu Vision Ltd,” he said.
According to Mr Keteca in 2022 VVL acquired the property at Sukuna Rd, Nasese at $1.4 million.
“This will be demolished and rebuilt. The company architects, Clearview Architects describe it as the pride of Vanuabalavu.”
According to the chairman as of December 31 last year the current net assets of VVL stand close to $9m.
“As the company sets sail on this new adventure, it remembers with fondness the founding fathers of the company. They included the late Ratu Serufoama Colavanua, Filipe Bole, Laisenia Qarase, Akuila Savu, Solo Vosaicake, Noa Nagera and Finau Seru.
“It also remembers the late Ratu Basulu, Ratu Viliame Kaba, Peni Mau, Jone Korovou and Jeke Pai.”
About the company
Mr Keteca shared that in 1992, the then High Chief of Mualevu Tikina, Ratu Serufoama Colavanua, supported by the heads of the Yavusa in the district, conceived the establishment of the then Mualevu Tikina Holdings Ltd (MTHL).
The company was registered on April 8, 1992 under the Companies Act, 1983. The initial shareholders were the Mualevu Tikina Fund ( a Trust Fund for the Tikina) and the eight villages within the Mualevu Tikina.
“The initial paid-up capital of $7000 was held by the Mualevu Tikina Fund. The principal purpose of the company was to provide a source of income, by way of dividends to Mualevu Tikina Fund and all shareholders, comprised of village companies.
“Income earned by MTHL was expected to be used to fund development projects and other activities of Mualevu Tikina.
“To boost the share capital of the company, the Tikina of Mualevu organised a fundraising festival in 1992.
“Each of the eight villages of Mualevu Tikina was asked to raise a specified amount with part of the funds was to increase the shareholding of Mualevu Tikina Fund and the balance was to be credited as share capital of the contributing villages.”
He said $840,000 was collected at this festival and Tikina members were also encouraged to buy shares in their village companies which in turn held shares in the Tikina company.
With eight villages of Mualevu Tikina contributing to the capital of the company, the total paid up capital of MTHL increased to $941, 886.
With increased share capital, Mr Keteca said MTHL was able to venture into some investment opportunities. MTHL decided very early on, that as a matter of policy, investments should be confined to real estate and financial assets.
The company acquired the then Quality House, now Mualevu House, at a cost of $1.5m.
MTHL also acquired 200,000 shares of $1.00 each in Fijian Holdings Ltd (FHL).
The company also acquired 221,170 shares of $1.00 each in the Lau Provincial Company, Yatu Lau Company Ltd.
According to Mr Keteca in 2018 MTHL acquired the entire assets of Vanuabalvu Holdings Ltd, a sister investment company and with this transaction the paid up capital of the company increased to $2.4m.
“In 2018, with the intent of being inclusive within the island of Vanuabalavu, the company changed its name and it also opened up the shareholding in the company to all other villages within the Tikina of Lomaloma, the second district on the island of Vanuabalavu - thus the birth of Vanuabalavu Vision Ltd (VVL).
“In 2019, VVL conducted a public share issue and developed its prospectus in-house. VVL also acquired two up-market apartments in Viti Towers, Wailoku. These were purchased at a cost of $1.4m.”