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Fiji Time: 3:11 AM on Sunday 27 July

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Stock incentives for local companies

Ropate Valemei
Wednesday, January 02, 2013

VB Holdings Ltd will be entitled to the recently announced lower tax rate of 18 per cent this year.

And it has to meet the South Pacific Stock Exchange (SPSE) rules of having at least 40 per cent of its shares owned by local citizens.

Last year, VB Holdings Ltd enjoyed a company tax rate of 20 per cent per annum.

Chief executive officer Nitesh Niranjan said this concession was part of the government's initiative to encourage more local companies to the list on the SPSE.

"This will also allow for greater return on investment to the public in the form of dividends, as well as an increased incentive to reinvest in the company," Mr Niranjan said.

"The ownership of shares is open to all citizens in Fiji as well as to foreign citizens."

He said dividends from SPSE listed companies were tax-free to encourage more public ownership of companies in Fiji.

VB Holdings announced its second interim dividends of 6 cents per share for the year 2012, based on its 11 months financial reports for the period ending November 30 last year.

The company had set the date of closure of registry for January 21 while the date of payment of dividend had been set to January 30 this year. The company said intentions to close or fix the share register by a listed company should be done 15 business days after notifying the SPSE.

"The current dividend per share is $0.06 while the current amount of dividends is $106,868.04," the company said.

VB Holdings Limited is a property and fleet management company and has provided consistent returns to shareholders for the past 15 years.

It has been an unlisted public company since 1946, completing 66 years of operation since its inception.


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