Fiji Prime Minister Sitiveni Rabuka has announced a $17.05 million dividend payout

Fiji Prime Minister Sitiveni Rabuka has announced a $17.05 million dividend payout to three shareholders of the Fiji Ports Corporation Limited (FPCL) for the 2024 financial year.

The dividend marks a significant increase for the Government, which now holds 41% of the company's shares and will receive $6.9 million, up from the pre-divestment dividend of $3.7 million in 2014. This payout underscores FPCL's success in modernizing and enhancing its operations, contributing to the country's maritime sector and national economy. The Prime Minister also acknowledged the importance of the 2015 shareholding partnership with the Fiji National Provident Fund and Aitken Spence, which brought in a substantial investment of $99.1 million. Rabuka emphasized the ongoing efforts to improve infrastructure at Suva and Lautoka Ports, and the government's commitment to the Mega Port Project at Rokobili, which is set to become a major transhipment hub in the Asia-Pacific region. The Mega Port is a key component of Fiji's 10-Year Development Plan and aims to position the country as a leading logistics and shipping destination. The FPCL's focus on innovation, digital systems, and a Green Port Master Plan aligns with the government's vision for a Smart Green Gateway initiative. A revised Cabinet Paper on the Mega Port will be submitted following extensive stakeholder consultations. The dividend announcement reflects FPCL's strong financial performance and underscores the strategic value of public-private partnerships in Fiji's development.