$2 million – first installment of dividend payout to landowners due this week

Fiji Pine landowners will receive $2million this week, in the first of three installments, of a $6 million dividend payout declared by the company for the financial year 2020.

The first payment is scheduled for Thursday 20 May with the second and third payouts due on 19 August and 18 November respectively through iTLTB’s equal distribution mechanism.

As opposed to previous years’ arrangement where 70% would go to landowner-based projects and only 30% to be shared among them, landowners will get to receive the full share this year, and three months early at that. This, after discussions between the Fiji Pine Board and Prime Minister Voreqe Bainimarama “to provide relief to landowners.”

“This year –– and in particular, the past month –– has been an exceptionally difficult time for the Fijian people, including the Fiji Pine family, our landowners, and their loved ones. In particular, many landowners who have been working in other sectors, many of which have been halted, need immediate relief, and simply cannot wait until August for their first dividend payout,” the board said.

The LSBP entitlement for each landowning unit will be based on the same methodology as in previous years where the lease term, stocked area, distance, etc is factored in.

Last year, Fiji Pine made a $5 million dividend payment for the 2019 financial year. The previous year, in 2019, it was $7 million for the 2018 financial year, with one of the landowning units receiving a little over $90,000 as per the 70:30 payment arrangement.

Photo Source: Fiji Pine

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