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Group to decide on dividends

Luisa Qiolevu
Friday, October 13, 2017

THE Ro Qomate House, an asset of the landowning units in Labasa is now known as the Labasa Tikina House.

This was confirmed by the director of the Labasa Tikina Development Corporation Ltd, Mosese Bulitavu on Tuesday.

"The building is no longer known as the Ro Qomate House now and it's now officially known as the Labasa Tikina House and this decision was made after our annual general meeting last month," he said.

Mr Bulitavu said a new board signage with the new building name would be erected in December.

"The change of names represents the whole shareholding groups that contributed through lease money to the construction of the building," he said.

"It is also necessary to change the name since our company represents all the landowning units and it is now inclusive of all members of the district."

Mr Bulitavu said the company's financial statement looked good to tap on other opportunities.

"The shareholders have been informed that the formerly known Ro Qomate House which is in mortgage has decreased its debt from $1.8 million to $700,000," he said.

"This debt will be cleared off by December 2019 and our focus now is to clear other debts first by end of this year before we move on into other avenues of business."

Mr Bulitavu said when they update the share returns after the full income comes from Government rent then they would be able to give out dividends to shareholders according to their shares.

"The current directors' positions remain until they complete their terms this year," he said.

"The landowning units consists of 16 villages in Macuata."

The villages include Nasekula, Nakorowiri, Batinikama, Vunimoli, Dreketilailai, Namoli, Vunivau, Vuo, Mataniwai, Bulileka, Nubuniyavula, Qelemumu, Raranibulubulu, Nacula, Naqai and Waikisi.

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