$7m bonus for Pine landowners
October 21, 2019 5:14 pm
Prime Minister Voreqe Bainimarama during the bonus payout [Source: Fijian Government]
Pine landowners received a seven million dollar lease bonus from Fiji Pine Limited today.
This is a result of $38.3 million in profits for the 2018 financial year.
Prime Minister Voreqe Bainimarama with children during the bonus payout [Source: Fijian Government]
Prime Minister Voreqe Bainimarama while officiating at the handover today called on landowners to use the money wisely.
“As landowners in our pine sector, your only concern should be what you can do to keep this industry on its own record-breaking streak of success. From $300,000 to $7m – from $10 per hectare to now $200 per hectare; in short this is a celebration of a resilient industry in a healthy economy.”
Fiji Pine Group Chair, Faiz Khan revealed the company has had the best performance ever on the backdrop of insolvency in 2008.
Khan also confirmed that Fiji Pine plants on average 2 million trees per year to ensure the sustainability of the industry and those who rely on in it.
[Prime Minister Voreqe Bainimarama [2nd from left] with Fiji Pine Group Chair, Faiz Khan]
Fiji Pine as of today has paid out $19m in lease bonuses since 2013.