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Fiji Time: 11:03 PM on Thursday 24 April

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$300,000 in bonus payment for landowners

Repeka Nasiko
Friday, February 28, 2014

TO STRENGTHEN ties between landowning units and the pine industry, the Fiji Pine Group of Companies awarded 40 mataqali lease security bonuses worth about $300,000.

In a handover ceremony in Lautoka yesterday, landowners from Sigatoka, Nadi and Ba were each given about $7500 in bonuses.

Fiji Pine executive chairman Faiz Khan said the lease security bonus payment was for landowners who had leased land to the company that either had pine plantations on it or had at least 15 years of lease term left.

"The payments being made are at $5 per hectare or denotes a 45 per cent bonus on the agreed ground rent amount per year," Mr Khan said.

"The total amount being made is about $300,000."

He said the payment was anticipated to increase.

"This amount is expected to grow to $1million from next year and even great thereafter.

"The amount that is given will depend on the profitability of our business — it is a form of dividend.

"Our profitability in turn depends on the ability to keep cost structures at efficient levels and continue to grow our business."