The Government of Fiji has clarified details regarding the Fiji National Provident Fund’s (FNPF) investment in Fletcher Building Fiji Limited, amid inquiries linked to the company’s role in ongoing construction projects. Minister Esrom Immanuel, overseeing FNPF operations, addressed parliamentary questions about Fletcher Construction’s functions, explaining that it serves as a business arm of Fletcher Building, encompassing two primary divisions: construction and road maintenance.
Immanuel disclosed FNPF’s stakes in Fletcher Building Fiji Limited, highlighting that FNPF holds a 25 percent share, with an equal share owned by Fijian Holdings Limited, while the majority 50 percent belongs to the Higgins Group. He underscored the strategic importance of this investment for FNPF, which has established itself as a key equity investor across diverse sectors including tourism, finance, telecommunications, agriculture, construction, and healthcare.
In response to inquiries about Fletcher Construction’s involvement in other FNPF-sponsored projects beyond the Westin redevelopment, Immanuel noted that no specific additional projects were currently available. However, he reaffirmed that FNPF’s investment in Fletcher Building signifies a long-term equity commitment characterized by appropriate governance and autonomous decision-making within all connected enterprises.
This clarification aligns with FNPF’s ongoing efforts to broaden its investment portfolio, particularly in the recovering tourism sector. The Fund’s significant investments include ownership of multiple essential hotel properties and a stake in Fiji Airways acquired during the pandemic, positioning it as a leading property owner in the nation with an investment portfolio exceeding $10 billion.
The focus on strategic investments signifies the government’s dedication to economic growth, reinforcing a positive collaboration between FNPF and essential sectors pivotal for Fiji’s advancement. As the nation works to enhance resilience in its tourism industry, this proactive investment strategy not only drives job creation but also strengthens Fiji’s economic landscape, offering a hopeful outlook for the country’s future.